UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03836

Anchor Series Trust

(Exact name of registrant as specified in charter)

Harborside Financial Center, 3200 Plaza 5, Jersey City, NJ 07311

(Address of principal executive offices)             (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside Financial Center,

3200 Plaza 5

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 324-6414

Date of fiscal year end: December 31

Date of reporting period: December 31, 2014

Item 1. Reports to Stockholders

ANCHOR SERIES TRUST

ANNUAL REPORT

DECEMBER 31, 2014

Table of Contents

Shareholder Letter	1
Expense Example	3
Government and Quality Bond Portfolio	5
Asset Allocation Portfolio	15
Growth and Income Portfolio	33
Growth Portfolio	37
Capital Appreciation Portfolio	42
Natural Resources Portfolio	48
Multi-Asset Portfolio	51
Strategic Multi-Asset Portfolio	57
Statements of Assets and Liabilities	68
Statements of Operations	70
Statements of Changes in Net Assets	72
Notes to Financial Statements	76
Financial Highlights	96
Report of Independent Registered Public Accounting Firm	100
Approval of the Subadvisory Agreement	101
Trustees and Officers Information	104
Shareholders Tax Information	106
Comparisons: Portfolios vs. Indexes	107

Dear Anchor Series Trust Investor:

We are pleased to present our annual report for the Anchor Series Trust, the underlying investment portfolios for the series of variable products issued by our Life Companies.

The following report contains the investment portfolio information and the financial statements of the Anchor Series Trust portfolios for the reporting period ended December 31, 2014. The report may also contain information on portfolios not currently available in your variable contract.

We believe this information will give you some insight into the performance of your underlying investments. If you have any questions, please contact your investment representative, or you may contact us directly at 1-800-445-7862.

Thank you for the confidence you place in us with your financial future, and we look forward to reporting to you once again in six months.

Sincerely,

John T. Genoy

President

Anchor Series Trust, SunAmerica Series Trust and Seasons Series Trust

February 2, 2015

Note: All performance figures quoted are for the Anchor Series Trust. They do not reflect fees and charges associated with the variable annuity. Past performance is no guarantee of future results. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 59 ¹/₂, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources.

Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region. Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.

Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation). Investments in lower-rated bonds and “junk bonds” are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer’s creditworthiness.

See reverse side for additional information.

1

Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantially greater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greater transaction costs for the portfolio and underlying portfolios.

There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus.

Investments are not guaranteed or endorsed by any bank, is not a deposit or obligation of any bank, and is not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.

• Not FDIC or NCUA/NCUSIF Insured

• May Lose Value • No Bank of Credit Union Guarantee

• Not a Deposit • Not insured by any Federal Government Agency

2

ANCHOR SERIES TRUST

EXPENSE EXAMPLE

December 31, 2014

(unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a Portfolio in the Anchor Series Trust (the “Trust”), you incur ongoing costs, including management fees and/or service (12b-1) fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at July 1, 2014 and held until December 31, 2014. Shares of the Trust are not offered directly to the public. Instead, shares are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) offered by life insurance companies affiliated with SunAmerica Asset Management, LLC, the Trust’s investment adviser and manager, as well as non-affiliated life insurance companies. The fees and expenses associated with the Variable Contracts are not included in these examples, and had such fees and expenses been included, your costs would have been higher. Please see your variable contract prospectus for more details on the fees associated with the Variable Contract.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended December 31, 2014” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended December 31, 2014” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended December 31, 2014” would have been higher and the “Ending Account Value” would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended December 31, 2014” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended December 31, 2014” column would have been higher and the “Ending Account Value” column would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts. Please refer to your variable contract prospectus for more information. Therefore, the “Hypothetical” example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

3

ANCHOR SERIES TRUST

EXPENSE EXAMPLE (continued)

December 31, 2014

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at July 1, 2014		Ending Account Value Using Actual Return at December 31, 2014		Expenses Paid During the Six Months Ended December 31, 2014*		Beginning Account Value at July 1, 2014		Ending Account Value Using a Hypothetical 5% Annual Return at December 31, 2014		Expenses Paid During the Six Months Ended December 31, 2014*		Annualized Expense Ratio*
Government and Quality Bond Portfolio
Class 1	$	1,000.00	$	1,018.61	$	3.00	$	1,000.00	$	1,022.23	$	3.01		0.59	%
Class 2	$	1,000.00	$	1,018.11	$	3.71	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Class 3	$	1,000.00	$	1,017.52	$	4.22	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Asset Allocation Portfolio
Class 1	$	1,000.00	$	1,009.38	$	3.80	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class 2	$	1,000.00	$	1,008.30	$	4.56	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class 3	$	1,000.00	$	1,008.46	$	5.06	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Growth and Income Portfolio
Class 1	$	1,000.00	$	1,064.00	$	4.01	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Growth Portfolio
Class 1	$	1,000.00	$	1,013.30	$	3.81	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class 2	$	1,000.00	$	1,012.72	$	4.52	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Class 3	$	1,000.00	$	1,012.07	$	5.02	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Capital Appreciation Portfolio
Class 1	$	1,000.00	$	1,076.88	$	3.87	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Class 2	$	1,000.00	$	1,075.98	$	4.66	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Class 3	$	1,000.00	$	1,075.52	$	5.18	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Natural Resources Portfolio
Class 1	$	1,000.00	$	735.84	$	3.68	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class 2	$	1,000.00	$	734.78	$	4.29	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Class 3	$	1,000.00	$	734.73	$	4.72	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Multi-Asset Portfolio#+
Class 1	$	1,000.00	$	1,046.73	$	5.67	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class 3	$	1,000.00	$	1,045.91	$	6.96	$	1,000.00	$	1,018.40	$	6.87		1.35	%
Strategic Multi-Asset Portfolio#
Class 1	$	1,000.00	$	1,019.32	$	6.11	$	1,000.00	$	1,019.16	$	6.11		1.20	%

* Expenses are equal to each Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days in the period then divided by 365 days. These ratios do not reflect fees and expenses associated with the Variable Contracts. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts of the insurance companies.

# During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended December 31, 2014” and “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended December 31, 2014” and the “Annualized Expense Ratio” would have been lower.

+ See Note 12

4

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO PROFILE — December 31, 2014 — (unaudited)

Industry Allocation*

United States Treasury Notes	32.5	%
Federal National Mtg. Assoc.	31.9
U.S. Government Agencies	10.9
Government National Mtg. Assoc.	8.0
Federal Home Loan Mtg. Corp.	6.0
Diversified Financial Services	5.7
United States Treasury Bonds	4.8
Repurchase Agreements	3.5
Diversified Banking Institutions	3.0
Municipal Bonds	2.5
Banks-Commercial	2.1
Medical-Drugs	1.3
Oil Companies-Integrated	1.0
Schools	0.8
Sovereign Agency	0.8
Banks-Super Regional	0.7
Transport-Services	0.7
Insurance-Multi-line	0.5
Insurance-Life/Health	0.5
Finance-Commercial	0.5
Diversified Manufacturing Operations	0.4
Retail-Discount	0.4
Medical Instruments	0.4
Auto-Cars/Light Trucks	0.4
Multimedia	0.3
Computers	0.3
Electric-Distribution	0.3
Computers-Memory Devices	0.2
Special Purpose Entity	0.2
Finance-Investment Banker/Broker	0.2
Machinery-Construction & Mining	0.2
Sovereign	0.2
Property Trust	0.2
Airlines	0.2
Oil-Field Services	0.2
Medical Labs & Testing Services	0.1
Brewery	0.1
Electric-Generation	0.1
Diversified Operations	0.1
Medical-HMO	0.1
Cellular Telecom	0.1
Insurance-Property/Casualty	0.1
Food-Wholesale/Distribution	0.1
Medical-Hospitals	0.1
	122.7	%

* Calculated as a percentage of net assets

Credit Quality†#

Aaa	78.7	%
Aa	7.1
A	8.8
Baa	2.4
Not Rated@	3.0
	100.0	%

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

† Source: Moody’s

# Calculated as a percentage of total debt issues, excluding short-term securities.

5

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 4.8%
Diversified Financial Services — 4.8%
Ally Master Owner Trust Series 2012-1, Class A2 1.44% due 02/15/2017	$	3,000,000	$	3,002,934
Ally Master Owner Trust Series 2012-5, Class A 1.54% due 09/15/2019		2,995,000		2,972,370
Ally Master Owner Trust Series 2014-5, Class A2 1.60% due 10/15/2019		6,885,000		6,866,417
Bear Stearns Commercial Mtg. Securities Trust VRS Series 2006-PW11, Class A4 5.43% due 03/11/2039(1)		3,806,705		3,933,114
Citigroup/Deutsche Bank Commercial Mtg. Trust VRS Series 2005-CD1, Class A4 5.23% due 07/15/2044(1)		4,398,808		4,469,884
Commercial Mtg. Pass Through Certs. Series 2012-CR2, Class A4 3.15% due 08/15/2045(1)		1,020,000		1,044,917
Commercial Mtg. Pass Through Certs. VRS Series 2006-C7, Class A4 5.76% due 06/10/2046(1)		4,176,504		4,377,620
DBUBS Mtg. Trust Series 2011-LC1A, Class A1 3.74% due 11/10/2046*(1)		2,855,377		2,925,248
First Investors Auto Owner Trust Series 2014-3A, Class A3 1.67% due 11/16/2020*		2,320,000		2,313,049
Ford Credit Floorplan Master Owner Trust Series 2012-2, Class A 1.92% due 01/15/2019		2,470,000		2,497,118
Ford Credit Floorplan Master Owner Trust Series 2013-2, Class A 2.09% due 03/15/2022*		590,000		583,978
Hilton USA Trust Series 2013-HLT, Class AFX 2.66% due 11/05/2030*(1)		2,250,000		2,252,837
JP Morgan Chase Commercial Mtg. Securities Trust VRS Series 2007-CB19, Class A4 5.70% due 02/12/2049(1)		2,555,000		2,741,065
LB-UBS Commercial Mtg. Trust VRS Series 2008-C1, Class A2 6.16% due 04/15/2041(1)		975,000		1,075,029
Merrill Lynch Mtg. Trust VRS Series 2005-CIP1, Class A4 5.05% due 07/12/2038(1)		4,700,000		4,739,917
ML-CFC Commercial Mtg. Trust VRS Series 2007-7, Class A4 5.75% due 06/12/2050(1)		5,200,000		5,615,350
Prestige Auto Receivables Trust Series 2014-1A, Class B 1.91% due 04/15/2020*		825,000		821,806
Santander Drive Auto Receivables Trust Series 2013-5, Class C 2.25% due 06/17/2019		910,000		918,731
Santander Drive Auto Receivables Trust Series 2014-1, Class C 2.36% due 04/15/2020		3,657,000		3,677,494

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Springleaf Mtg. Loan Trust VRS Series 2013-1A, Class M1 2.31% due 06/25/2058*(2)	$	1,596,989	$	1,564,952
Wachovia Bank Commercial Mtg. Trust VRS Series 2005-C20, Class A7 5.12% due 07/15/2042(1)		3,914,717		3,947,244
Wachovia Bank Commercial Mtg. Trust, Series 2006-C29, Class A4 5.31% due 11/15/2048(1)		1,932,289		2,047,707
Westlake Automobile Receivables Trust Series 2014-A2, Class 2A 0.97% due 10/16/2017*		2,510,000		2,510,100
Total Asset Backed Securities (cost $66,468,819)				66,898,881
U.S. CORPORATE BONDS & NOTES — 11.9%
Airlines — 0.2%
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 02/01/2024		2,058,971		2,362,670
Auto-Cars/Light Trucks — 0.4%
Daimler Finance North America LLC Company Guar. Notes 2.40% due 04/10/2017*		4,000,000		4,083,420
Volkswagen Group of America Finance LLC Company Guar. Notes 2.45% due 11/20/2019*		795,000		800,179
				4,883,599
Banks-Commercial — 0.1%
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		450,000		449,954
PNC Bank NA Senior Notes 3.30% due 10/30/2024		865,000		880,240
				1,330,194
Banks-Super Regional — 0.7%
Huntington National Bank Senior Notes 2.20% due 04/01/2019		1,050,000		1,043,616
US Bancorp Senior Notes 3.70% due 01/30/2024		1,065,000		1,119,549
US Bancorp Sub. Notes 7.50% due 06/01/2026		400,000		534,852
Wachovia Corp. Senior Notes 5.75% due 06/15/2017		5,000,000		5,520,135
Wells Fargo & Co. Sub. Notes 3.45% due 02/13/2023		1,405,000		1,423,959
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		585,000		603,639
				10,245,750

6

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022	$	1,640,000	$	1,593,887
Cable/Satellite TV — 0.0%
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		200,000		211,785
Computers — 0.3%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		2,000,000		2,045,918
Apple, Inc. Senior Notes 3.45% due 05/06/2024		1,815,000		1,900,784
Apple, Inc. Senior Notes 4.45% due 05/06/2044		225,000		247,943
				4,194,645
Computers-Memory Devices — 0.2%
EMC Corp. Senior Notes 1.88% due 06/01/2018		1,281,000		1,276,646
EMC Corp. Senior Notes 2.65% due 06/01/2020		1,000,000		995,188
EMC Corp. Senior Notes 3.38% due 06/01/2023		1,000,000		1,003,632
				3,275,466
Diversified Banking Institutions — 2.7%
Bank of America Corp. Senior Notes 4.13% due 01/22/2024		2,200,000		2,310,341
Bank of America Corp. Senior Notes 5.00% due 01/21/2044		1,000,000		1,119,825
Bank of America Corp. Senior Notes 5.88% due 01/05/2021		1,400,000		1,623,262
Bank of America Corp. Senior Notes 7.63% due 06/01/2019		4,000,000		4,834,448
Citigroup, Inc. Senior Notes 6.13% due 11/21/2017		5,335,000		5,948,973
Citigroup, Inc. Senior Notes 6.13% due 05/15/2018		3,000,000		3,395,022
Citigroup, Inc. Senior Notes 8.13% due 07/15/2039		260,000		398,043
Goldman Sachs Group, Inc. Senior Notes 4.80% due 07/08/2044		2,155,000		2,308,173
Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/2018		4,000,000		4,489,676
JPMorgan Chase & Co. Senior Notes 3.70% due 01/20/2015		2,400,000		2,404,025

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 4.95% due 03/25/2020	$	2,000,000	$	2,209,410
JPMorgan Chase & Co. Senior Notes 5.40% due 01/06/2042		1,080,000		1,269,541
Morgan Stanley Senior Notes 5.45% due 01/09/2017		5,300,000		5,690,684
				38,001,423
Diversified Financial Services — 0.9%
General Electric Capital Corp. Senior Notes 4.63% due 01/07/2021		6,000,000		6,687,540
General Electric Capital Corp. Senior Notes 6.15% due 08/07/2037		2,315,000		3,019,517
General Electric Capital Corp. Senior Notes 6.75% due 03/15/2032		2,320,000		3,168,846
				12,875,903
Diversified Manufacturing Operations — 0.1%
Parker-Hannifin Corp. Senior Notes 4.45% due 11/21/2044		630,000		679,214
Electric-Integrated — 0.0%
Consolidated Edison Co. of New York, Inc. Senior Notes 4.63% due 12/01/2054		565,000		618,782
Finance-Commercial — 0.5%
Private Export Funding Corp. U.S. Government Guar. Notes 2.25% due 12/15/2017		5,960,000		6,118,083
Food-Wholesale/Distribution — 0.1%
Sysco Corp. Company Company Guar. Notes 3.00% due 10/02/2021		585,000		593,875
Sysco Corp. Company Guar. Notes 3.50% due 10/02/2024		335,000		344,720
				938,595
Insurance-Life/Health — 0.5%
John Hancock Life Insurance Co. Sub. Notes 7.38% due 02/15/2024*		5,000,000		6,241,530
Teachers Insurance & Annuity Assoc. of America Sub. Notes 4.90% due 09/15/2044*		705,000		785,615
				7,027,145
Insurance-Multi-line — 0.5%
MetLife, Inc. Senior Notes 1.90% due 12/15/2017(3)		425,000		425,969
MetLife, Inc. Senior Notes 4.88% due 11/13/2043		1,545,000		1,744,841

7

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Multi-line (continued)
MetLife, Inc. Senior Notes 5.00% due 06/15/2015	$	3,030,000	$	3,088,228
Metropolitan Life Global Funding I Senior Sec. Notes 2.00% due 01/09/2015*		2,100,000		2,100,344
				7,359,382
Insurance-Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/15/2024		1,015,000		1,025,655
Machinery-Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 2.63% due 03/01/2023		1,140,000		1,117,047
Caterpillar, Inc. Senior Notes 3.40% due 05/15/2024		920,000		945,524
Caterpillar, Inc. Senior Notes 4.30% due 05/15/2044		600,000		640,726
				2,703,297
Medical Instruments — 0.4%
Medtronic, Inc. Senior Notes 2.50% due 03/15/2020*		750,000		751,967
Medtronic, Inc. Senior Notes 3.15% due 03/15/2022*		1,065,000		1,078,500
Medtronic, Inc. Senior Notes 3.50% due 03/15/2025*		1,700,000		1,739,049
Medtronic, Inc. Senior Notes 3.63% due 03/15/2024		425,000		441,166
Medtronic, Inc. Senior Notes 4.38% due 03/15/2035*		740,000		785,034
Medtronic, Inc. Senior Notes 4.63% due 03/15/2045*		365,000		395,656
				5,191,372
Medical Labs & Testing Services — 0.1%
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/2019*		1,444,000		1,667,800
Medical-Drugs — 1.1%
Bayer US Finance LLC Company Guar. Notes 2.38% due 10/08/2019*		355,000		356,409
Bayer US Finance LLC Company Guar. Notes 3.00% due 10/08/2021*		1,700,000		1,713,821
Bayer US Finance LLC Company Guar. Notes 3.38% due 10/08/2024*		555,000		564,752
Bristol-Myers Squibb Co. Senior Notes 3.25% due 11/01/2023		990,000		1,009,502

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs (continued)
Eli Lilly & Co. Senior Notes 4.65% due 06/15/2044	$	1,390,000	$	1,558,037
Merck & Co., Inc. Senior Notes 2.80% due 05/18/2023		1,880,000		1,866,936
Merck & Co., Inc. Senior Notes 4.15% due 05/18/2043		760,000		808,572
Novartis Capital Corp. Company Guar. Notes 3.40% due 05/06/2024		3,700,000		3,849,043
Pfizer, Inc. Senior Notes 6.20% due 03/15/2019		2,500,000		2,908,468
				14,635,540
Medical-HMO — 0.1%
Kaiser Foundation Hospitals Company Guar. Notes 3.50% due 04/01/2022		386,000		398,106
Kaiser Foundation Hospitals Company Guar. Notes 4.88% due 04/01/2042		730,000		841,254
				1,239,360
Medical-Hospitals — 0.1%
Dignity Health Notes 2.64% due 11/01/2019		260,000		262,001
Dignity Health Sec. Notes 3.81% due 11/01/2024		540,000		556,414
				818,415
Multimedia — 0.3%
NBCUniversal Enterprise, Inc. Company Guar. Notes 1.66% due 04/15/2018*		1,605,000		1,593,521
NBCUniversal Enterprise, Inc. Company Guar. Notes 1.97% due 04/15/2019*		2,865,000		2,836,797
				4,430,318
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 2.90% due 03/04/2021		250,000		254,573
Oil Companies-Integrated — 0.1%
ConocoPhillips Co. Company Guar. Notes 2.88% due 11/15/2021		240,000		242,393
ConocoPhillips Co. Company Guar. Notes 4.30% due 11/15/2044		480,000		502,122
				744,515
Retail-Building Products — 0.0%
Home Depot, Inc. Senior Notes 4.40% due 03/15/2045		340,000		371,591

8

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Discount — 0.4%
Wal-Mart Stores, Inc. Senior Notes 3.63% due 07/08/2020	$	5,000,000	$	5,339,275
Schools — 0.8%
President and Fellows of Harvard College Notes 6.30% due 10/01/2037		5,000,000		5,320,845
Stanford University Notes 6.88% due 02/01/2024		5,000,000		6,489,610
				11,810,455
Special Purpose Entity — 0.2%
Postal Square LP U.S. Government Guar. Notes 8.95% due 06/15/2022		2,594,750		3,201,933
Transport-Services — 0.7%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 07/15/2023		2,598,152		3,039,838
United Parcel Service of America, Inc. Senior Notes 8.38% due 04/01/2020		5,000,000		6,449,035
				9,488,873
Total U.S. Corporate Bonds & Notes (cost $153,548,136)				164,639,495
FOREIGN CORPORATE BONDS & NOTES — 4.6%
Banks-Commercial — 2.0%
Bank of Montreal Senior Notes 2.38% due 01/25/2019		3,500,000		3,533,638
Bank of Nova Scotia Senior Notes 2.05% due 10/30/2018		3,000,000		3,003,675
Barclays Bank PLC Senior Notes 3.75% due 05/15/2024		4,000,000		4,123,004
Credit Suisse New York Senior Notes 3.00% due 10/29/2021		860,000		855,986
Credit Suisse New York Senior Notes 3.50% due 03/23/2015		2,435,000		2,451,448
Credit Suisse New York Senior Notes 3.63% due 09/09/2024		2,200,000		2,237,926
ING Bank NV Senior Notes 3.75% due 03/07/2017*		5,300,000		5,546,461
Rabobank Nederland NV Senior Notes 3.20% due 03/11/2015*		3,500,000		3,517,500
Svenska Handelsbanken AB Senior Notes 5.13% due 03/30/2020*		3,000,000		3,388,164
				28,657,802
Cellular Telecom — 0.1%
America Movil SAB de CV Senior Notes 3.13% due 07/16/2022		635,000		626,516

Security Description	Principal Amount		Value (Note 2)
Cellular Telecom (continued)
America Movil SAB de CV Senior Notes 4.38% due 07/16/2042	$	530,000	$	507,740
				1,134,256
Diversified Banking Institutions — 0.3%
HSBC Holdings PLC Senior Notes 4.00% due 03/30/2022		1,160,000		1,234,583
HSBC Holdings PLC Sub. Notes 5.25% due 03/14/2044		280,000		313,644
HSBC Holdings PLC Senior Notes 6.10% due 01/14/2042		2,415,000		3,224,940
				4,773,167
Diversified Manufacturing Operations — 0.3%
Siemens Financieringsmaatschappij NV Company Guar. Notes 5.75% due 10/17/2016*		4,725,000		5,108,585
Diversified Operations — 0.1%
Hutchison Whampoa International 14, Ltd. Company Guar. Notes 3.63% due 10/31/2024*		1,400,000		1,406,411
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Senior Notes 5.88% due 10/27/2016*		1,385,000		1,494,069
Finance-Investment Banker/Broker — 0.2%
CDP Financial, Inc. Company Guar. Notes 4.40% due 11/25/2019*		2,900,000		3,193,265
Medical-Drugs — 0.2%
GlaxoSmithKline Capital PLC Company Guar. Notes 1.50% due 05/08/2017		2,560,000		2,571,103
Oil Companies-Integrated — 0.9%
BP Capital Markets PLC Company Guar. Notes 3.99% due 09/26/2023		405,000		416,719
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/2021		1,100,000		1,197,360
Shell International Finance BV Company Guar. Notes 4.38% due 03/25/2020		2,625,000		2,876,449
Statoil ASA Company Guar. Notes 2.25% due 11/08/2019		325,000		325,188
Statoil ASA Company Guar. Notes 2.45% due 01/17/2023		211,000		201,259
Statoil ASA Company Guar. Notes 2.65% due 01/15/2024		185,000		179,715
Statoil ASA Company Guar. Notes 2.75% due 11/10/2021		475,000		476,412
Statoil ASA Company Guar. Notes 2.90% due 11/08/2020		2,250,000		2,301,532

9

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Statoil ASA Company Guar. Notes 3.25% due 11/10/2024	$	270,000	$	270,887
Statoil ASA Company Guar. Notes 3.70% due 03/01/2024		815,000		843,798
Suncor Energy, Inc. Senior Notes 3.60% due 12/01/2024		835,000		825,108
Total Capital SA Company Guar. Notes 2.13% due 08/10/2018		3,000,000		3,024,258
				12,938,685
Oil-Field Services — 0.2%
Schlumberger Investment SA Company Guar. Notes 3.65% due 12/01/2023		2,100,000		2,195,233
Property Trust — 0.2%
Scentre Group Trust 1/Scentre Group Trust 2 Company Guar. Notes 2.38% due 11/05/2019*		2,390,000		2,372,560
Total Foreign Corporate Bonds & Notes (cost $62,584,369)				65,845,136
FOREIGN GOVERNMENT OBLIGATIONS — 0.5%
Electric-Distribution — 0.3%
Hydro-Quebec Government Guar. Notes Series HY 8.40% due 01/15/2022		3,000,000		4,036,326
Sovereign — 0.2%
AID-Egypt U.S. Government Guar. Notes 4.45% due 09/15/2015		2,500,000		2,571,793
Total Foreign Government Obligations (cost $5,617,125)				6,608,119
MUNICIPAL BONDS & NOTES — 2.5%
Atlanta Downtown Development Authority Revenue Bonds 6.88% due 02/01/2021		4,090,000		4,685,831
Bay Area Toll Authority Revenue Bonds Series F-2 6.26% due 4/01/2049		2,400,000		3,382,056
Curators of the University of Missouri System Facilities Revenue Bonds 5.96% due 11/01/2039		2,170,000		2,819,763
Maryland State Transportation Authority Revenue Bonds 5.89% due 07/01/2043		1,245,000		1,645,865
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		1,100,000		1,458,292
North Texas Tollway Authority Revenue Bonds Series B 6.72% due 01/01/2049		3,450,000		4,994,496

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Oregon School Boards Association General Obligation Bonds 4.76% due 06/30/2028	$	2,800,000	$	3,127,432
San Antonio, Texas Electric & Gas Revenue Bonds 5.99% due 02/01/2039		885,000		1,184,997
State of California General Obligation Bonds 7.55% due 04/01/2039		915,000		1,412,019
State of Wisconsin Revenue Bonds Series A 5.70% due 05/01/2026		2,500,000		2,967,450
University of California Revenue Bonds 5.77% due 05/15/2043		2,955,000		3,798,150
University of California Regents Revenue Bonds Series F 6.58% due 05/15/2049		1,710,000		2,336,031
Utility Debt Securitization Authority Revenue Bonds 3.44% due 12/15/2025		1,695,000		1,771,479
Total Municipal Bonds & Notes (cost $29,119,430)				35,583,861
U.S. GOVERNMENT AGENCIES — 46.7%
Federal Home Loan Mtg. Corp. — 6.0%
2.50% due January TBA		8,400,000		8,543,456
3.00% due January TBA		38,000,000		38,866,149
3.50% due January TBA		9,700,000		10,133,304
4.00% due 09/01/2026		1,726,132		1,848,242
4.00% due 12/01/2040		10,332,900		11,030,061
4.00% due January TBA		10,400,000		11,085,750
5.50% due January TBA		2,000,000		2,234,219
6.00% due 12/01/2039		314,158		355,437
7.50% due 05/01/2027		2,010		2,273
				84,098,891
Federal National Mtg. Assoc. — 31.9%
2.00% due January TBA		2,900,000		2,888,220
2.50% due January TBA		14,650,000		14,841,140
2.82% due 12/01/2024		5,025,000		5,098,370
3.00% due 05/01/2027		1,156,463		1,205,167
3.00% due 06/01/2027		658,236		686,004
3.00% due 08/01/2027		445,428		464,218
3.00% due January TBA		36,025,000		36,497,242
3.01% due 12/01/2024		4,000,000		4,110,707
3.50% due January TBA		45,450,000		47,480,864
4.00% due 09/01/2026		11,891,548		12,747,596
4.00% due January TBA		45,600,000		48,710,797
4.50% due 11/01/2026		1,868,811		2,021,522
4.50% due 01/01/2027		2,310,778		2,468,198
4.50% due 06/01/2038		93,596		101,893
4.50% due 05/01/2039		81,323		88,342
4.50% due 06/01/2039		471,821		513,384
4.50% due 08/01/2039		14,934		16,240
4.50% due 01/01/2040		203,895		221,597
4.50% due 03/01/2040		456,676		496,241
4.50% due 04/01/2040		94,433		102,526
4.50% due 06/01/2040		5,205,501		5,654,204
4.50% due 07/01/2040		272,892		296,181
4.50% due 08/01/2040		78,326		85,107

10

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.50% due 09/01/2040	$	21,751,160	$	23,633,922
4.50% due 10/01/2040		94,773		102,995
4.50% due 11/01/2040		4,535,362		4,928,231
4.50% due 12/01/2040		1,153,573		1,255,670
4.50% due 01/01/2041		827,464		899,692
4.50% due 02/01/2041		1,799,821		1,957,539
4.50% due 03/01/2041		16,938,732		18,404,527
4.50% due 04/01/2041		7,780,697		8,453,648
4.50% due 05/01/2041		8,195,098		8,905,090
4.50% due 06/01/2041		1,441,189		1,566,203
4.50% due 07/01/2041		4,284,096		4,656,350
4.50% due 08/01/2041		6,503,990		7,070,499
4.50% due 09/01/2041		13,138,901		14,275,682
4.50% due 10/01/2041		426,184		465,292
4.50% due 11/01/2041		845,289		918,813
4.50% due 12/01/2041		33,816		36,757
4.50% due 01/01/2042		3,851,468		4,213,707
4.50% due 02/01/2042		97,432		106,266
4.50% due 05/01/2042		1,615,551		1,755,687
4.50% due 04/01/2043		825,211		900,804
4.50% due 06/01/2043		393,351		427,363
4.50% due 08/01/2043		92,775		100,736
4.50% due 09/01/2043		1,786,964		1,940,372
4.50% due 10/01/2043		1,194,435		1,297,578
4.50% due 11/01/2043		19,485,683		21,153,348
4.50% due 01/01/2044		15,310,458		16,635,336
4.50% due 02/01/2044		17,419,580		18,959,558
4.50% due 03/01/2044		1,839,918		2,001,862
4.50% due 04/01/2044		31,914,242		34,689,405
4.50% due 05/01/2044		13,036,859		14,192,743
4.50% due 06/01/2044		129,697		140,792
4.50% due 08/01/2044		1,953,484		2,130,527
5.00% due January TBA		24,000,000		26,515,781
5.50% due 03/01/2038		1,888,833		2,110,638
5.50% due 06/01/2038		77,066		86,116
5.50% due 08/01/2038		85,882		95,967
5.50% due 09/01/2039		59,504		66,590
5.50% due 05/01/2040		18,393		20,625
5.50% due 06/01/2040		21,443		24,171
5.50% due January TBA		11,700,000		13,087,547
6.50% due 02/01/2038		174,563		201,282
6.50% due 10/01/2039		204,094		232,427
				447,413,898
Government National Mtg. Assoc. — 8.0%
3.00% due January TBA		13,175,000		13,473,084
3.50% due January TBA		40,350,000		42,354,891
4.00% due 02/15/2041		1,694,818		1,831,325
4.00% due 09/15/2041		1,422,587		1,527,566
4.00% due 02/15/2042		181,276		195,242
4.00% due 08/15/2042		168,729		183,371
4.00% due January TBA		10,400,000		11,157,128
4.50% due 05/15/2040		1,700,802		1,863,071
4.50% due 06/15/2040		2,536,230		2,778,215
4.50% due 07/15/2040		3,637,253		3,983,404
4.50% due 05/15/2042		315,494		344,927
5.00% due 07/15/2033		2,376,440		2,642,379
5.00% due 10/15/2033		110,984		123,187
5.00% due 11/15/2033		16,017		17,735
5.00% due 12/15/2033		45,436		50,313
5.00% due 01/15/2034		232,400		258,316
5.00% due 02/15/2034		114,381		126,255
5.00% due 03/15/2034		10,557		11,639

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
5.00% due 05/15/2034	$	16,844	$	18,759
5.00% due 06/15/2035		14,548		16,098
5.00% due 09/15/2035		154,654		172,032
5.00% due 11/15/2035		73,433		81,281
5.00% due 12/15/2035		36,175		40,029
5.00% due 02/15/2036		25,515		28,200
5.00% due 03/15/2036		17,756		19,611
5.00% due 09/15/2036		7,259		8,034
5.00% due 05/15/2038		16,499		18,198
5.00% due 07/15/2038		410,415		452,169
5.00% due 08/15/2038		71,564		78,844
5.00% due 11/15/2038		195,559		215,691
5.00% due 12/15/2038		706,057		778,744
5.00% due 06/15/2039		952,908		1,053,948
5.00% due 08/15/2039		272,749		301,885
5.00% due 07/15/2040		208,631		230,040
5.00% due 04/15/2041		612,856		680,083
5.50% due 10/15/2032		2,645		2,954
5.50% due 11/15/2032		3,898		4,361
5.50% due 02/15/2033		150,020		167,988
5.50% due 05/15/2033		102,985		116,280
5.50% due 06/15/2033		130,392		146,351
5.50% due 07/15/2033		19,899		22,442
5.50% due 08/15/2033		18,480		20,717
5.50% due 09/15/2033		8,165		9,163
5.50% due 11/15/2033		277,130		311,195
5.50% due 01/15/2034		358,155		403,070
5.50% due 02/15/2034		85,609		96,286
5.50% due 03/15/2034		1,234,904		1,381,863
5.50% due 04/15/2034		38,057		42,926
5.50% due 05/15/2034		78,276		89,317
5.50% due 06/15/2034		30,875		34,864
5.50% due 07/15/2034		45,019		50,849
5.50% due 08/15/2034		28,584		32,097
5.50% due 09/15/2034		530,253		592,823
5.50% due 10/15/2034		373,527		421,516
5.50% due 04/15/2036		50,491		56,645
6.00% due 03/15/2028		8,690		9,830
6.00% due 06/15/2028		16,443		18,610
6.00% due 08/15/2028		53,609		61,264
6.00% due 09/15/2028		37,954		42,950
6.00% due 10/15/2028		13,322		15,066
6.00% due 11/15/2028		3,470		3,924
6.00% due 12/15/2028		78,960		89,567
6.00% due 03/15/2029		395		447
6.00% due 04/15/2029		3,203		3,639
6.00% due 01/15/2032		12,380		14,327
6.00% due 02/15/2032		275		311
6.00% due 07/15/2032		12,329		14,178
6.00% due 09/15/2032		13,737		15,539
6.00% due 10/15/2032		287,762		331,628
6.00% due 11/15/2032		18,064		20,417
6.00% due 01/15/2033		4,068		4,629
6.00% due 02/15/2033		33,377		38,427
6.00% due 03/15/2033		46,497		53,789
6.00% due 04/15/2033		51,948		58,787
6.00% due 05/15/2033		113,979		129,003
6.00% due 12/15/2033		38,317		44,335
6.00% due 08/15/2034		7,729		8,942
6.00% due 09/15/2034		111,498		127,444
6.00% due 10/15/2034		98,237		113,689
6.00% due 05/15/2036		41,545		47,928
6.00% due 06/15/2036		369,907		426,521

11

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
6.00% due 07/15/2036	$	4,647,982	$	5,359,384
6.00% due 08/15/2036		169,513		195,817
6.00% due 12/15/2036		344,663		398,023
6.00% due 02/15/2037		102,096		117,858
6.00% due 08/15/2037		124,377		140,702
6.00% due 01/15/2038		541,444		619,949
6.00% due 03/15/2038		250,922		283,766
6.00% due 07/15/2038		223,238		252,348
6.00% due 08/15/2038		604,818		683,233
6.00% due 09/15/2038		1,163,702		1,319,684
6.00% due 10/15/2038		1,488,928		1,691,860
6.00% due 11/15/2038		877,020		992,102
6.00% due 12/15/2038		454,783		513,793
6.00% due 01/15/2039		349,030		396,673
6.00% due 02/15/2039		242,936		274,585
6.00% due 04/15/2039		202,088		228,447
6.00% due 12/15/2039		303,142		342,676
6.00% due 03/15/2040		303,395		342,991
6.00% due 04/15/2040		130,251		147,238
6.00% due 06/15/2041		433,675		490,224
6.00% due 09/15/2041		181,788		205,213
6.50% due 05/15/2023		6,695		7,640
6.50% due 06/15/2023		6,093		6,953
6.50% due 07/15/2023		22,690		25,891
6.50% due 08/15/2023		2,339		2,669
6.50% due 10/15/2023		20,550		23,450
6.50% due 11/15/2023		26,017		29,687
6.50% due 12/15/2023		82,316		93,933
6.50% due 02/15/2027		2,371		2,729
6.50% due 12/15/2027		2,680		3,058
6.50% due 01/15/2028		23,962		27,348
6.50% due 02/15/2028		10,636		12,136
6.50% due 03/15/2028		46,696		53,590
6.50% due 04/15/2028		21,777		24,961
6.50% due 05/15/2028		58,033		66,223
6.50% due 06/15/2028		126,182		144,264
6.50% due 07/15/2028		107,891		123,127
6.50% due 08/15/2028		56,163		64,329
6.50% due 09/15/2028		91,422		104,502
6.50% due 10/15/2028		110,749		126,612
6.50% due 11/15/2028		87,324		99,898
6.50% due 12/15/2028		91,825		105,079
6.50% due 01/15/2029		2,083		2,377
6.50% due 02/15/2029		14,709		16,784
6.50% due 03/15/2029		23,059		26,312
6.50% due 04/15/2029		18,174		20,738
6.50% due 05/15/2029		65,721		74,994
6.50% due 06/15/2029		25,837		29,483
6.50% due 03/15/2031		5,086		5,804
6.50% due 04/15/2031		1,218		1,429
6.50% due 05/15/2031		116,669		133,329
6.50% due 06/15/2031		61,368		70,027
6.50% due 07/15/2031		174,108		199,973
6.50% due 08/15/2031		32,118		36,655
6.50% due 09/15/2031		113,668		130,024
6.50% due 10/15/2031		101,470		117,843
6.50% due 11/15/2031		45,013		51,529
6.50% due 01/15/2032		209,933		240,757
6.50% due 02/15/2032		76,441		87,497
6.50% due 03/15/2032		1,850		2,111
6.50% due 04/15/2032		14,010		15,987
6.50% due 05/15/2032		183,857		209,799

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
7.00% due 11/15/2031	$	48,755	$	56,690
7.00% due 03/15/2032		29,223		34,191
7.00% due 01/15/2033		40,086		47,618
7.00% due 05/15/2033		106,786		125,566
7.00% due 07/15/2033		82,820		96,999
7.00% due 11/15/2033		109,032		129,607
8.00% due 10/15/2029		437		439
8.00% due 12/15/2029		6,658		6,996
8.00% due 01/15/2030		17,947		19,074
8.00% due 03/15/2030		136		137
8.00% due 04/15/2030		33,717		34,883
8.00% due 06/15/2030		1,685		1,751
8.00% due 08/15/2030		7,680		8,288
8.00% due 09/15/2030		23,635		24,548
8.00% due 11/15/2030		2,631		2,960
8.00% due 12/15/2030		4,783		5,204
8.00% due 02/15/2031		40,367		44,284
8.00% due 03/15/2031		12,298		12,520
10.00% due 04/20/2016		827		836
10.00% due 05/20/2016		899		912
10.00% due 08/20/2016		578		601
10.00% due 01/20/2017		1,580		1,605
10.00% due 02/20/2017		1,457		1,465
10.00% due 03/20/2017		1,803		1,830
Government National Mtg. Assoc., REMIC Series 2005-74, Class HA 7.50% due 09/16/2035(2)		108,905		122,848
Series 2005-74, Class HB 7.50% due 09/16/2035(2)		507,879		579,196
Series 2005-74, Class HC 7.50% due 09/16/2035(2)		188,036		216,804
				112,010,541
Sovereign Agency — 0.8%
Resolution Funding Corp. STRIPS zero coupon due 07/15/2020		2,500,000		2,220,512
Tennessee Valley Authority Senior Notes 4.63% due 09/15/2060		7,400,000		8,407,044
				10,627,556
Total U.S. Government Agencies (cost $647,017,939)				654,150,886
U.S. GOVERNMENT TREASURIES — 37.3%
United States Treasury Bonds — 4.8%
2.88% due 05/15/2043		38,680,000		39,562,368
3.13% due 08/15/2044		2,435,000		2,621,429
3.38% due 05/15/2044		6,825,000		7,683,455
3.63% due 02/15/2044		14,800,000		17,416,596
				67,283,848
United States Treasury Notes — 32.5%
0.50% due 08/31/2016		93,500,000		93,463,441
0.63% due 05/31/2017		16,000,000		15,908,752
0.63% due 08/31/2017		54,000,000		53,485,326
0.75% due 03/31/2018		2,800,000		2,756,905
1.00% due 03/31/2017		16,000,000		16,067,504
1.00% due 09/15/2017		12,000,000		12,006,564
1.00% due 05/31/2018		9,800,000		9,705,058
1.25% due 11/30/2018		6,800,000		6,752,189
1.38% due 07/31/2018		18,200,000		18,218,491
1.38% due 09/30/2018		23,200,000		23,178,238

12

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
1.63% due 07/31/2019	$	38,000,000		$	38,059,356
1.75% due 09/30/2019		60,445,000			60,799,147
2.13% due 12/31/2015(4)		1,500,000			1,527,305
2.13% due 06/30/2021		39,205,200			39,679,936
2.38% due 08/15/2024		21,925,000			22,330,963
2.75% due 02/15/2024		34,875,000			36,697,777
3.13% due 04/30/2017		4,500,000			4,740,116
					455,377,068
Total U.S. Government Treasuries (cost $508,418,053)					522,660,916
Total Long-Term Investment Securities (cost $1,472,773,871)					1,516,387,294
SHORT-TERM INVESTMENT SECURITIES — 10.9%
U.S. Government Agencies — 10.9%
Federal Home Loan Bank Discount Notes 0.05% due 01/07/2015		100,000,000			99,999,167
0.09% due 02/11/2015		37,000,000			36,996,418
0.09% due 02/13/2015		16,000,000			15,998,280
Total Short-Term Investment Securities (cost $152,993,865)					152,993,865
REPURCHASE AGREEMENTS — 3.5%
Bank of America Securities LLC Joint Repurchase Agreement(5)		8,740,000			8,740,000
Barclays Capital PLC Joint Repurchase Agreement(5)		11,205,000			11,205,000
BNP Paribas SA Joint Repurchase Agreement(5)		11,190,000			11,190,000
Deutsche Bank AG Joint Repurchase Agreement(5)		6,905,000			6,905,000
RBS Securities, Inc. Joint Repurchase Agreement(5)		11,190,000			11,190,000
Total Repurchase Agreements (cost $49,230,000)					49,230,000
TOTAL INVESTMENTS (cost $1,674,997,736)(6)		122.7	%		1,718,611,159
Liabilities in excess of other assets		(22.7	)		(318,496,969	)
NET ASSETS		100.0	%	$	1,400,114,190

Security Description	Principal Amount			Value (Note 2)
FORWARD SALES CONTRACTS — (12.8)%
U.S. Government Agencies — (12.8)%
Federal National Mtg. Assoc. — (12.3)%
4.50% due January TBA	$	(158,950,000	)	$	(172,535,266	)
Government National Mtg. Assoc. — (0.5)%
6.00% due January TBA		(6,100,000	)		(6,893,001	)
Total Forward Sales Contracts (cost $179,113,617)				$	(179,428,267	)

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At December 31, 2014, the aggregate value of these securities was $66,493,379 representing 4.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate.

(4) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(5) See Note 2 for details of Joint Repurchase Agreements.

(6) See Note 6 for cost of investments on a tax basis.

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate trading of registered interest and principal of securities.

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

VRS — Variable Rate Security

The rates shown on VRS are the current interest rates at December 31, 2014 and unless noted otherwise, the dates shown are the original maturity dates.

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Value at Trade Date		Value as of December 31, 2014		Unrealized Appreciation (Depreciation)
	265	Short	U.S. Treasury 5 Year Note	March 2015	$	31,466,992	$	31,516,367	$	(49,375	)
	17	Short	U.S. Treasury 10 Year Note	March 2015		2,156,344		2,155,547		797
									$	(48,578	)

13

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2014 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	66,898,881	$	—	$	66,898,881
U.S. Corporate Bonds & Notes:
Airlines		—		—		2,362,670		2,362,670
Transport-Services		—		6,449,035		3,039,838		9,488,873
Other Industries		—		152,787,952		—		152,787,952
Foreign Corporate Bonds & Notes		—		65,845,136		—		65,845,136
Foreign Government Obligations		—		6,608,119		—		6,608,119
Municipal Bonds & Notes		—		35,583,861		—		35,583,861
U.S. Government Agencies		—		654,150,886		—		654,150,886
U.S. Government Treasuries		—		522,660,916		—		522,660,916
Short-Term Investment Securities		—		152,993,865		—		152,993,865
Repurchase Agreements		—		49,230,000		—		49,230,000
Total Investments at Value	$	—	$	1,713,208,651	$	5,402,508	$	1,718,611,159
Other Financial Instruments:+
Open Futures Contracts	$	797	$	—	$	—	$	797
LIABILITIES:
Other Financial Instruments:+
Forward Sales Contracts	$	—	$	179,428,267	$	—	$	179,428,267
Open Futures Contracts		49,375		—		—		49,375
Total Other Financial Instruments	$	49,375	$	179,428,267	$	—	$	179,477,642

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Portfolio.

See Notes to Financial Statements

14

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2014 — (unaudited)

Industry Allocation*

Real Estate Investment Trusts	4.7	%
Exchange-Traded Funds	4.7
Federal National Mtg. Assoc.	4.6
Diversified Financial Services	4.6
Medical-Drugs	3.2
Federal Home Loan Mtg. Corp.	2.7
Government National Mtg. Assoc.	2.7
Electric-Integrated	2.5
Repurchase Agreement	2.4
Banks-Super Regional	2.3
Diversified Banking Institutions	2.3
Oil Companies-Exploration & Production	2.2
Oil Companies-Integrated	2.0
Banks-Commercial	1.6
Computers	1.4
Insurance-Property/Casualty	1.4
Insurance-Multi-line	1.2
Electronic Components-Semiconductors	1.2
Chemicals-Diversified	1.1
Pipelines	1.1
Aerospace/Defense	1.0
Food-Misc./Diversified	1.0
Medical Products	1.0
Auto/Truck Parts & Equipment-Original	0.9
Toys	0.9
Medical Instruments	0.9
Beverages-Non-alcoholic	0.9
Finance-Mortgage Loan/Banker	0.8
Oil Refining & Marketing	0.8
Diversified Manufacturing Operations	0.8
Investment Management/Advisor Services	0.8
Chemicals-Specialty	0.8
Medical-Hospitals	0.8
Enterprise Software/Service	0.7
Machinery-Farming	0.7
Data Processing/Management	0.7
Oil & Gas Drilling	0.7
Food-Retail	0.7
Medical-Biomedical/Gene	0.7
Steel-Producers	0.7
Finance-Investment Banker/Broker	0.7
Gas-Distribution	0.6
Electronic Components-Misc.	0.6
Applications Software	0.6
Multimedia	0.6
Telephone-Integrated	0.6
Airlines	0.6
Transport-Services	0.6
Auto-Cars/Light Trucks	0.6
Telecom Services	0.6
Medical Labs & Testing Services	0.6
Computer Services	0.5
Retail-Discount	0.5
Transport-Marine	0.5
Instruments-Scientific	0.5
Diversified Minerals	0.5
Semiconductor Equipment	0.5
Oil-Field Services	0.5
Retail-Restaurants	0.5
Auto-Heavy Duty Trucks	0.5
Containers-Paper/Plastic	0.5
Rental Auto/Equipment	0.4

Electronic Parts Distribution	0.4	%
Semiconductor Components-Integrated Circuits	0.4
Medical-Generic Drugs	0.4
United States Treasury Notes	0.4
Transport-Rail	0.4
Non-Hazardous Waste Disposal	0.4
Athletic Footwear	0.4
Computers-Memory Devices	0.4
Web Portals/ISP	0.4
Brewery	0.4
Medical-Wholesale Drug Distribution	0.4
Savings & Loans/Thrifts	0.4
Internet Telephone	0.4
Consumer Products-Misc.	0.4
Finance-Auto Loans	0.4
Coatings/Paint	0.4
Cosmetics & Toiletries	0.4
Insurance-Reinsurance	0.4
Steel-Specialty	0.4
Independent Power Producers	0.4
Cable/Satellite TV	0.4
Cruise Lines	0.4
Electric-Transmission	0.3
Electronic Forms	0.3
Apparel Manufacturers	0.3
Retail-Jewelry	0.3
Industrial Gases	0.3
E-Commerce/Products	0.3
Human Resources	0.3
Retail-Major Department Stores	0.3
Office Furnishings-Original	0.3
Machine Tools & Related Products	0.3
Housewares	0.3
Finance-Credit Card	0.3
Retail-Drug Store	0.3
Gambling (Non-Hotel)	0.3
Investment Companies	0.3
Distribution/Wholesale	0.2
Physical Therapy/Rehabilitation Centers	0.2
Storage/Warehousing	0.2
Trucking/Leasing	0.2
Office Automation & Equipment	0.2
Alternative Waste Technology	0.2
Insurance Brokers	0.2
Retail-Apparel/Shoe	0.2
Retail-Building Products	0.2
Tools-Hand Held	0.2
Private Equity	0.2
Finance-Other Services	0.2
United States Treasury Bonds	0.2
SupraNational Banks	0.2
Networking Products	0.2
Tobacco	0.2
Non-Ferrous Metals	0.2
Advertising Services	0.2
Rubber-Tires	0.2
Security Services	0.2
Agricultural Chemicals	0.1
Computer Software	0.1
Dialysis Centers	0.1
Miscellaneous Manufacturing	0.1

15

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2014 — (unaudited) — (continued)

Batteries/Battery Systems	0.1	%
Retail-Automobile	0.1
Insurance-Life/Health	0.1
Electric-Generation	0.1
Machinery-General Industrial	0.1
Satellite Telecom	0.1
Casino Hotels	0.1
Metal Processors & Fabrication	0.1
Special Purpose Entities	0.1
Casino Services	0.1
Instruments-Controls	0.1
Insurance-Mutual	0.1
Beverages-Wine/Spirits	0.1
Motorcycle/Motor Scooter	0.1
Auction Houses/Art Dealers	0.1
Finance-Commercial	0.1
Computer Aided Design	0.1
Electronic Measurement Instruments	0.1
Building Products-Doors & Windows	0.1
Television	0.1
Electric Products-Misc.	0.1
Veterinary Diagnostics	0.1
Pharmacy Services	0.1
Cellular Telecom	0.1
Computers-Integrated Systems	0.1
Banks-Fiduciary	0.1
Engineering/R&D Services	0.1
Transport-Equipment & Leasing	0.1
Machinery-Construction & Mining	0.1
Medical Information Systems	0.1
Metal-Copper	0.1
Coal	0.1
Medical Sterilization Products	0.1
Oil Field Machinery & Equipment	0.1
Home Decoration Products	0.1
Telecommunication Equipment	0.1
Building-Heavy Construction	0.1
Commercial Services	0.1
Water	0.1
	99.9	%

* Calculated as a percentage of net assets

16

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 59.2%
Advertising Agencies — 0.0%
Alliance Data Systems Corp.†		38	$	10,870
Interpublic Group of Cos., Inc.		431		8,952
Omnicom Group, Inc.		152		11,775
				31,597
Advertising Services — 0.2%
Aimia, Inc.		28,300		356,297
Aerospace/Defense — 0.9%
Boeing Co.		5,520		717,490
Lockheed Martin Corp.		1,904		366,653
Northrop Grumman Corp.		2,064		304,213
Raytheon Co.		3,293		356,204
Rockwell Collins, Inc.		115		9,715
Teledyne Technologies, Inc.†		2,700		277,398
				2,031,673
Aerospace/Defense-Equipment — 0.0%
KLX, Inc.†		31		1,258
Agricultural Chemicals — 0.1%
Incitec Pivot, Ltd. ADR		116,808		292,020
Monsanto Co.		233		27,837
				319,857
Airlines — 0.4%
Alaska Air Group, Inc.		8,926		533,418
American Airlines Group, Inc.		354		18,985
Cathay Pacific Airways, Ltd. ADR		6,345		68,494
Copa Holdings SA, Class A		1,603		166,135
Southwest Airlines Co.		322		13,627
United Continental Holdings, Inc.†		198		13,244
				813,903
Apparel Manufacturers — 0.3%
Michael Kors Holdings, Ltd.†		120		9,012
Ralph Lauren Corp.		1,435		265,704
Under Armour, Inc., Class A†		102		6,926
VF Corp.		5,780		432,922
				714,564
Applications Software — 0.6%
Citrix Systems, Inc.†		128		8,166
Intuit, Inc.		146		13,460
Microsoft Corp.		28,282		1,313,699
Red Hat, Inc.†		144		9,956
salesforce.com, inc.†		298		17,674
ServiceNow, Inc.†		108		7,328
				1,370,283
Athletic Footwear — 0.4%
NIKE, Inc., Class B		9,170		881,696
Auction Houses/Art Dealers — 0.1%
Ritchie Bros. Auctioneers, Inc.		9,200		247,388
Audio/Video Products — 0.0%
Harman International Industries, Inc.		64		6,829
Auto-Cars/Light Trucks — 0.2%
Nissan Motor Co., Ltd. ADR		22,280		389,231
Tesla Motors, Inc.†		48		10,676
				399,907
Auto-Heavy Duty Trucks — 0.5%
New Flyer Industries, Inc.		9,820		113,939

Security Description	Shares		Value (Note 2)
Auto-Heavy Duty Trucks (continued)
PACCAR, Inc.		12,816	$	871,616
				985,555
Auto/Truck Parts & Equipment-Original — 0.7%
Autoliv, Inc.		7,535		799,614
BorgWarner, Inc.		191		10,495
Johnson Controls, Inc.		16,382		791,906
WABCO Holdings, Inc.†		82		8,592
				1,610,607
Banks-Commercial — 1.3%
Australia & New Zealand Banking Group, Ltd. ADR		3,221		83,746
Bank of Nova Scotia		4,664		266,221
City Holding Co.		1,027		47,786
City National Corp.		2,435		196,772
Community Trust Bancorp, Inc.		906		33,169
Cullen/Frost Bankers, Inc.		10,190		719,822
East West Bancorp, Inc.		6,515		252,196
First Financial Bancorp		2,401		44,635
FirstMerit Corp.		8,731		164,929
Grupo Financiero Santander Mexico SAB de CV ADR, Class B		8,230		85,263
M&T Bank Corp.		2,067		259,656
PacWest Bancorp		4,577		208,070
SVB Financial Group†		2,325		269,863
Umpqua Holdings Corp.		8,851		150,555
Washington Trust Bancorp, Inc.		2,878		115,638
				2,898,321
Banks-Fiduciary — 0.1%
State Street Corp.		2,275		178,588
Banks-Super Regional — 1.6%
PNC Financial Services Group, Inc.		10,569		964,210
US Bancorp		21,285		956,760
Wells Fargo & Co.		27,923		1,530,739
				3,451,709
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.		2,300		295,688
Beverages-Non-alcoholic — 0.5%
Coca-Cola Co.		16,819		710,098
Coca-Cola Enterprises, Inc.		197		8,711
Dr Pepper Snapple Group, Inc.		2,499		179,128
Monster Beverage Corp.†		70		7,585
PepsiCo, Inc.		2,509		237,251
				1,142,773
Beverages-Wine/Spirits — 0.1%
Brown-Forman Corp., Class B		2,718		238,749
Constellation Brands, Inc., Class A†		106		10,406
				249,155
Brewery — 0.2%
Ambev SA ADR		58,140		361,631
Broadcast Services/Program — 0.0%
Discovery Communications, Inc., Class A†		2,403		82,783
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		192		8,692
Simpson Manufacturing Co., Inc.		1,429		49,443
				58,135

17

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc.		75	$	8,274
Building Products-Doors & Windows — 0.1%
Apogee Enterprises, Inc.		5,320		225,408
Building Products-Wood — 0.0%
Masco Corp.		357		8,996
Building-Heavy Construction — 0.1%
Granite Construction, Inc.		2,775		105,506
SBA Communications Corp., Class A†		78		8,639
				114,145
Cable/Satellite TV — 0.1%
Charter Communications, Inc., Class A†		62		10,331
Comcast Corp., Class A		989		57,372
DIRECTV†		213		18,467
DISH Network Corp., Class A†		118		8,601
Time Warner Cable, Inc.		137		20,832
				115,603
Casino Hotels — 0.0%
Las Vegas Sands Corp.		220		12,795
Wynn Resorts, Ltd.		53		7,884
				20,679
Cellular Telecom — 0.1%
China Mobile, Ltd. ADR		3,350		197,047
Chemicals-Diversified — 0.9%
Akzo Nobel NV ADR		17,600		401,280
Axiall Corp.		2,277		96,704
E.I. du Pont de Nemours & Co.		9,166		677,734
FMC Corp.		3,750		213,862
Huntsman Corp.		6,464		147,250
LyondellBasell Industries NV, Class A		204		16,196
PPG Industries, Inc.		1,415		327,077
				1,880,103
Chemicals-Specialty — 0.8%
Albemarle Corp.		2,001		120,320
Cabot Corp.		17,381		762,331
Eastman Chemical Co.		128		9,710
Ecolab, Inc.		132		13,796
H.B. Fuller Co.		9,600		427,488
International Flavors & Fragrances, Inc.		3,030		307,121
				1,640,766
Coal — 0.1%
Alliance Resource Partners LP		3,177		136,770
Coatings/Paint — 0.4%
RPM International, Inc.		2,382		120,791
Sherwin-Williams Co.		39		10,259
Valspar Corp.		7,800		674,544
				805,594
Coffee — 0.0%
Keurig Green Mountain, Inc.		67		8,870
Commercial Services — 0.1%
Weight Watchers International, Inc.†		4,500		111,780
Commercial Services-Finance — 0.0%
Automatic Data Processing, Inc.		230		19,175

Security Description	Shares		Value (Note 2)
Commercial Services-Finance (continued)
FleetCor Technologies, Inc.†		55	$	8,179
MasterCard, Inc., Class A		415		35,757
McGraw Hill Financial, Inc.		133		11,834
Moody’s Corp.		110		10,539
				85,484
Computer Aided Design — 0.1%
Autodesk, Inc.†		3,810		228,829
Computer Services — 0.4%
Accenture PLC, Class A		261		23,310
Cognizant Technology Solutions Corp., Class A†		307		16,167
Indra Sistemas SA ADR		36,900		177,120
International Business Machines Corp.		4,166		668,393
				884,990
Computer Software — 0.1%
Akamai Technologies, Inc.†		127		7,996
Kudelski SA (BR)(1)		25,500		310,350
				318,346
Computers — 1.2%
Apple, Inc.		23,834		2,630,797
Computers-Integrated Systems — 0.1%
MTS Systems Corp.		960		72,029
Teradata Corp.†		2,693		117,630
				189,659
Computers-Memory Devices — 0.4%
EMC Corp.		29,257		870,103
SanDisk Corp.		84		8,231
				878,334
Consulting Services — 0.0%
Verisk Analytics, Inc., Class A†		117		7,494
Consumer Products-Misc. — 0.4%
Kimberly-Clark Corp.		1,152		133,102
Tumi Holdings, Inc.†		20,100		476,973
WD-40 Co.		2,413		205,298
				815,373
Containers-Metal/Glass — 0.0%
Ball Corp.		122		8,317
Containers-Paper/Plastic — 0.1%
Packaging Corp. of America		2,041		159,300
Sealed Air Corp.		199		8,444
				167,744
Cosmetics & Toiletries — 0.4%
Colgate-Palmolive Co.		335		23,179
Estee Lauder Cos., Inc., Class A		133		10,134
Procter & Gamble Co.		4,921		448,254
Unilever NV		7,800		304,512
				786,079
Cruise Lines — 0.1%
Carnival Corp.		2,900		131,457
Data Processing/Management — 0.7%
Broadridge Financial Solutions, Inc.		1,924		88,850
Fair Isaac Corp.		13,689		989,715
Fidelity National Information Services, Inc.		7,293		453,624

18

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management (continued)
Fiserv, Inc.†		140	$	9,936
Paychex, Inc.		164		7,572
				1,549,697
Dialysis Centers — 0.1%
DaVita HealthCare Partners, Inc.†		4,125		312,428
Distribution/Wholesale — 0.2%
Fastenal Co.		178		8,466
Genuine Parts Co.		2,548		271,540
Pool Corp.		3,828		242,848
				522,854
Diversified Banking Institutions — 1.0%
BNP Paribas SA ADR		10,800		317,304
Goldman Sachs Group, Inc.		1,320		255,855
HSBC Holdings PLC ADR		8,300		392,009
JPMorgan Chase & Co.		19,991		1,251,037
				2,216,205
Diversified Manufacturing Operations — 0.8%
3M Co.		1,302		213,945
Crane Co.		4,973		291,915
Dover Corp.		128		9,180
General Electric Co.		20,074		507,270
Illinois Tool Works, Inc.		163		15,436
Parker-Hannifin Corp.		3,108		400,776
Siemens AG ADR		1,900		212,800
Vesuvius PLC(1)		20,500		142,567
				1,793,889
Diversified Minerals — 0.1%
BHP Billiton, Ltd. ADR		5,590		264,519
E-Commerce/Products — 0.3%
Amazon.com, Inc.†		1,434		445,042
eBay, Inc.†		4,449		249,678
				694,720
E-Commerce/Services — 0.0%
Liberty Interactive Corp., Class A†		268		7,885
Netflix, Inc.†		30		10,248
Priceline Group, Inc.†		23		26,225
				44,358
Electric Products-Misc. — 0.1%
AMETEK, Inc.		189		9,947
Emerson Electric Co.		2,192		135,312
Littelfuse, Inc.		764		73,856
				219,115
Electric-Generation — 0.0%
APR Energy PLC ADR		19,800		45,738
Electric-Integrated — 1.5%
ALLETE, Inc.		2,208		121,749
Alliant Energy Corp.		2,097		139,283
Duke Energy Corp.		2,771		231,489
Edison International		3,025		198,077
Great Plains Energy, Inc.		1,544		43,865
NextEra Energy, Inc.		2,817		299,419
Northeast Utilities		15,060		806,011
PNM Resources, Inc.		3,966		117,513
Wisconsin Energy Corp.		16,182		853,439

Security Description	Shares		Value (Note 2)
Electric-Integrated (continued)
Xcel Energy, Inc.		13,770	$	494,618
				3,305,463
Electric-Transmission — 0.0%
ITC Holdings Corp.		2,366		95,657
Electronic Components-Misc. — 0.5%
Corning, Inc.		9,650		221,275
Garmin, Ltd.		11,434		604,058
TE Connectivity, Ltd.		4,600		290,950
				1,116,283
Electronic Components-Semiconductors — 1.2%
Altera Corp.		8,036		296,850
Avago Technologies, Ltd.		2,047		205,908
Intel Corp.		10,476		380,174
Microchip Technology, Inc.		35,606		1,606,186
Micron Technology, Inc.†		480		16,805
Skyworks Solutions, Inc.		124		9,016
Texas Instruments, Inc.		471		25,182
Xilinx, Inc.		182		7,879
				2,548,000
Electronic Connectors — 0.0%
Amphenol Corp., Class A		211		11,354
Electronic Forms — 0.3%
Adobe Systems, Inc.†		10,025		728,818
Electronic Measurement Instruments — 0.1%
FLIR Systems, Inc.		2,250		72,697
Trimble Navigation, Ltd.†		5,768		153,083
				225,780
Electronic Parts Distribution — 0.4%
Arrow Electronics, Inc.†		13,700		793,093
Avnet, Inc.		4,191		180,297
				973,390
Electronic Security Devices — 0.0%
Tyco International PLC		224		9,825
Engineering/R&D Services — 0.1%
Fluor Corp.		152		9,216
Jacobs Engineering Group, Inc.†		3,640		162,671
				171,887
Engines-Internal Combustion — 0.0%
Cummins, Inc.		107		15,426
Enterprise Software/Service — 0.6%
Informatica Corp.†		5,071		193,383
Omnicell, Inc.†		4,806		159,175
Oracle Corp.		17,290		777,531
Tyler Technologies, Inc.†		2,164		236,828
				1,366,917
Entertainment Software — 0.0%
Electronic Arts, Inc.†		158		7,428
Filtration/Separation Products — 0.0%
Donaldson Co., Inc.		216		8,344
Pall Corp.		92		9,311
				17,655
Finance-Credit Card — 0.3%
American Express Co.		370		34,425

19

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Credit Card (continued)
Discover Financial Services		8,117	$	531,582
Visa, Inc., Class A		198		51,916
				617,923
Finance-Investment Banker/Broker — 0.3%
Charles Schwab Corp.		18,957		572,312
LPL Financial Holdings, Inc.		181		8,063
TD Ameritrade Holding Corp.		250		8,945
				589,320
Finance-Leasing Companies — 0.0%
Fly Leasing, Ltd. ADR		2,515		33,072
Finance-Mortgage Loan/Banker — 0.8%
FNF Group		52,727		1,816,445
Finance-Other Services — 0.2%
Deutsche Boerse AG ADR		59,200		419,136
Food-Meat Products — 0.0%
Darling Ingredients, Inc.†		2,326		42,240
Food-Misc./Diversified — 0.9%
B&G Foods, Inc.		20,507		613,159
General Mills, Inc.		5,723		305,208
Ingredion, Inc.		930		78,901
Kellogg Co.		126		8,245
Kraft Foods Group, Inc.		5,819		364,619
McCormick & Co., Inc.		3,714		275,950
Orkla ASA ADR		49,200		329,640
				1,975,722
Food-Retail — 0.7%
Dairy Farm International Holdings, Ltd. ADR		2,861		127,772
Kroger Co.		13,847		889,116
Tesco PLC ADR		23,300		202,593
Whole Foods Market, Inc.		5,928		298,890
				1,518,371
Gambling (Non-Hotel) — 0.1%
OPAP SA ADR		21,500		113,735
Gas-Distribution — 0.6%
ONE Gas, Inc.		2,987		123,124
Sempra Energy		10,808		1,203,579
Vectren Corp.		1,299		60,053
				1,386,756
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc.		3,228		122,955
Hotels/Motels — 0.0%
Marriott International, Inc., Class A		132		10,300
Red Lion Hotels Corp.†		7,066		44,798
Wyndham Worldwide Corp.		122		10,463
				65,561
Housewares — 0.3%
Tupperware Brands Corp.		9,928		625,464
Human Resources — 0.3%
Adecco SA ADR		9,700		332,807
Robert Half International, Inc.		3,275		191,194
TrueBlue, Inc.†		7,407		164,806
				688,807

Security Description	Shares		Value (Note 2)
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		104	$	11,565
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		1,320		190,384
Airgas, Inc.		68		7,832
Praxair, Inc.		118		15,288
				213,504
Instruments-Controls — 0.1%
Honeywell International, Inc.		2,553		255,096
Instruments-Scientific — 0.5%
FEI Co.		1,732		156,486
Thermo Fisher Scientific, Inc.		3,253		407,568
Waters Corp.†		4,573		515,469
				1,079,523
Insurance Brokers — 0.2%
Aon PLC		102		9,673
Arthur J. Gallagher & Co.		2,541		119,630
Marsh & McLennan Cos., Inc.		149		8,529
Willis Group Holdings PLC		7,800		349,518
				487,350
Insurance-Life/Health — 0.0%
StanCorp Financial Group, Inc.		950		66,367
Insurance-Multi-line — 1.2%
ACE, Ltd.		10,859		1,247,482
Allstate Corp.		3,906		274,396
MetLife, Inc.		15,446		835,474
XL Group PLC		8,688		298,607
				2,655,959
Insurance-Property/Casualty — 1.1%
AmTrust Financial Services, Inc.		2,450		137,813
Catlin Group, Ltd. ADR		17,200		357,932
Chubb Corp.		2,773		286,922
HCC Insurance Holdings, Inc.		19,672		1,052,846
Markel Corp.†		842		574,951
				2,410,464
Insurance-Reinsurance — 0.4%
PartnerRe, Ltd.		1,332		152,021
Reinsurance Group of America, Inc.		119		10,427
Swiss Re AG ADR		5,486		463,951
Validus Holdings, Ltd.		3,833		159,299
				785,698
Internet Content-Entertainment — 0.0%
Facebook, Inc., Class A†		827		64,523
Twitter, Inc.†		235		8,429
				72,952
Internet Content-Information/News — 0.0%
LinkedIn Corp., Class A†		273		62,711
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		68		8,872
Internet Telephone — 0.4%
j2 Global, Inc.		13,573		841,526
Investment Companies — 0.3%
Ares Capital Corp.		14,126		220,436
Hercules Technology Growth Capital, Inc.		10,299		153,249

20

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Companies (continued)
Oaktree Capital Group LLC		2,605	$	135,017
Triangle Capital Corp.		2,862		58,070
				566,772
Investment Management/Advisor Services — 0.8%
Affiliated Managers Group, Inc.†		50		10,612
Ameriprise Financial, Inc.		1,868		247,043
BlackRock, Inc.		1,579		564,587
Eaton Vance Corp.		196		8,023
Franklin Resources, Inc.		10,925		604,917
T. Rowe Price Group, Inc.		3,149		270,373
				1,705,555
Machine Tools & Related Products — 0.3%
Lincoln Electric Holdings, Inc.		9,478		654,835
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		1,773		162,283
Machinery-Farming — 0.7%
AG Growth International, Inc.		7,300		358,233
AGCO Corp.		4,816		217,683
Deere & Co.		11,801		1,044,035
				1,619,951
Machinery-General Industrial — 0.1%
Applied Industrial Technologies, Inc.		2,795		127,424
IDEX Corp.		2,001		155,758
Wabtec Corp.		91		7,907
				291,089
Machinery-Pumps — 0.0%
Flowserve Corp.		152		9,094
Graco, Inc.		111		8,900
				17,994
Medical Information Systems — 0.1%
Cerner Corp.†		149		9,634
Computer Programs & Systems, Inc.		2,289		139,057
				148,691
Medical Instruments — 0.6%
Bio-Techne Corp.		2,465		227,766
Edwards Lifesciences Corp.†		4,856		618,557
Intuitive Surgical, Inc.†		18		9,521
Medtronic, Inc.		7,212		520,707
St Jude Medical, Inc.		135		8,779
				1,385,330
Medical Labs & Testing Services — 0.1%
Covance, Inc.†		1,700		176,528
Medical Products — 1.0%
Baxter International, Inc.		242		17,736
Becton Dickinson and Co.		4,409		613,556
Halyard Health Inc†		2,915		132,545
Henry Schein, Inc.†		60		8,169
Sonova Holding AG ADR		13,200		387,552
Stryker Corp.		108		10,188
Teleflex, Inc.		7,253		832,790
Varian Medical Systems, Inc.†		2,082		180,114
				2,182,650
Medical Sterilization Products — 0.1%
STERIS Corp.		2,039		132,229

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene — 0.3%
Alexion Pharmaceuticals, Inc.†		97	$	17,948
Amgen, Inc.		312		49,698
Biogen Idec, Inc.†		104		35,303
BioMarin Pharmaceutical, Inc.†		109		9,854
Celgene Corp.†		362		40,493
Gilead Sciences, Inc.†		5,518		520,127
Illumina, Inc.†		66		12,182
Incyte Corp.†		98		7,165
Regeneron Pharmaceuticals, Inc.†		38		15,590
Vertex Pharmaceuticals, Inc.†		114		13,543
				721,903
Medical-Drugs — 3.0%
Abbott Laboratories		16,260		732,025
AbbVie, Inc.		13,799		903,007
Allergan, Inc.		2,389		507,878
Bristol-Myers Squibb Co.		6,214		366,812
Endo International PLC†		107		7,717
Furiex Pharmaceuticals Inc. CVR†(2)(7)		17		0
GlaxoSmithKline PLC ADR		9,445		403,679
Johnson & Johnson		9,077		949,182
Merck & Co., Inc.		10,989		624,065
Novartis AG ADR		7,729		716,169
Novo Nordisk A/S ADR		4,800		203,136
Pfizer, Inc.		16,192		504,381
Roche Holding AG ADR		13,813		469,504
Salix Pharmaceuticals, Ltd.†		50		5,747
Shire PLC ADR		613		130,287
Zoetis, Inc.		270		11,618
				6,535,207
Medical-Generic Drugs — 0.4%
Actavis plc†		1,150		296,021
Mylan, Inc.†		203		11,443
Teva Pharmaceutical Industries, Ltd. ADR		11,121		639,569
				947,033
Medical-Hospitals — 0.5%
Universal Health Services, Inc., Class B		8,838		983,316
Medical-Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		108		9,737
McKesson Corp.		4,033		837,170
				846,907
Metal Processors & Fabrication — 0.1%
Precision Castparts Corp.		1,138		274,121
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.		5,864		136,983
Miscellaneous Manufacturing — 0.1%
AptarGroup, Inc.		4,575		305,793
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		3,779		249,074
Multimedia — 0.6%
Twenty-First Century Fox, Inc., Class A		624		23,964
Viacom, Inc., Class B		4,828		363,307
Walt Disney Co.		10,167		957,630
				1,344,901
Networking Products — 0.2%
Cisco Systems, Inc.		9,947		276,676

21

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Networking Products (continued)
Polycom, Inc.†		7,158	$	96,633
				373,309
Non-Ferrous Metals — 0.2%
Cameco Corp.		22,100		362,661
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		9,045		364,061
Waste Connections, Inc.		5,704		250,919
				614,980
Office Furnishings-Original — 0.3%
HNI Corp.		13,100		668,886
Oil & Gas Drilling — 0.1%
Ensco PLC, Class A		7,400		221,630
Oil Companies-Exploration & Production — 1.5%
Apache Corp.		5,770		361,606
Cabot Oil & Gas Corp.		235		6,958
California Resources Corp.†		2,144		11,813
Cimarex Energy Co.		7,800		826,800
Concho Resources, Inc.†		101		10,075
Crescent Point Energy Corp.		13,477		312,159
Devon Energy Corp.		5,286		323,556
Energen Corp.		2,675		170,558
EOG Resources, Inc.		258		23,754
Noble Energy, Inc.		196		9,296
Occidental Petroleum Corp.		12,370		997,146
Pengrowth Energy Corp.		36,573		115,215
Pioneer Natural Resources Co.		82		12,206
Southwestern Energy Co.†		261		7,123
Vermilion Energy, Inc.		3,486		171,030
				3,359,295
Oil Companies-Integrated — 1.6%
Chevron Corp.		9,836		1,103,402
Exxon Mobil Corp.		15,602		1,442,405
Marathon Oil Corp.		9,895		279,930
Phillips 66		128		9,178
Royal Dutch Shell PLC ADR, Class B		9,940		691,426
Total SA ADR		1,136		58,163
				3,584,504
Oil Field Machinery & Equipment — 0.1%
FMC Technologies, Inc.†		187		8,759
Natural Gas Services Group, Inc.†		4,988		114,924
				123,683
Oil Refining & Marketing — 0.7%
Calumet Specialty Products Partners LP		3,999		89,618
Cheniere Energy, Inc.†		139		9,786
HollyFrontier Corp.		20,632		773,287
Marathon Petroleum Corp.		6,306		569,180
Suburban Propane Partners LP		2,702		116,807
				1,558,678
Oil-Field Services — 0.2%
Frank’s International NV		3,222		53,582
Halliburton Co.		433		17,030
Oceaneering International, Inc.		130		7,645
Schlumberger, Ltd.		3,261		278,522
				356,779

Security Description	Shares		Value (Note 2)
Paper & Related Products — 0.0%
International Paper Co.		159	$	8,519
Pharmacy Services — 0.0%
Express Scripts Holding Co.†		318		26,925
Pipelines — 0.6%
Atlas Pipeline Partners LP		8,862		241,578
EnLink Midstream Partners LP		1,888		54,771
Enterprise Products Partners LP		11,173		403,569
Kinder Morgan, Inc.		13,614		576,008
Williams Cos., Inc.		333		14,965
				1,290,891
Power Converter/Supply Equipment — 0.0%
Hubbell, Inc., Class B		860		91,874
Private Equity — 0.2%
KKR & Co. LP		18,894		438,530
Real Estate Investment Trusts — 3.4%
Agree Realty Corp.		2,982		92,710
Alexandria Real Estate Equities, Inc.		9,348		829,542
American Capital Agency Corp.		14,235		310,750
American Tower Corp.		147		14,531
Annaly Capital Management, Inc.		34,248		370,221
Apartment Investment & Management Co., Class A		246		9,139
BioMed Realty Trust, Inc.		8,893		191,555
Capstead Mtg. Corp.		12,771		156,828
Colony Financial, Inc.		7,881		187,725
Crown Castle International Corp.		157		12,356
CYS Investments, Inc.		13,267		115,688
Digital Realty Trust, Inc.		20,718		1,373,603
EastGroup Properties, Inc.		623		39,448
EPR Properties		2,965		170,873
Equity LifeStyle Properties, Inc.		203		10,465
Essex Property Trust, Inc.		1,126		232,632
Hatteras Financial Corp.		7,137		131,535
HCP, Inc.		5,361		236,045
Health Care REIT, Inc.		117		8,853
Medical Properties Trust, Inc.		14,821		204,233
Omega Healthcare Investors, Inc.		23,064		901,111
Plum Creek Timber Co., Inc.		7,165		306,590
Sabra Health Care REIT, Inc.		4,395		133,476
Simon Property Group, Inc.		86		15,662
Tanger Factory Outlet Centers, Inc.		17,700		654,192
Ventas, Inc.		4,194		300,710
Weyerhaeuser Co.		8,550		306,860
				7,317,333
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		359		12,296
Real Estate Operations & Development — 0.0%
Brookdale Senior Living, Inc.†		212		7,774
Rental Auto/Equipment — 0.3%
Aaron’s, Inc.		21,102		645,088
Hertz Global Holdings, Inc.†		368		9,178
McGrath RentCorp		2,226		79,824
United Rentals, Inc.†		83		8,467
				742,557
Respiratory Products — 0.0%
ResMed, Inc.		148		8,297

22

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Apparel/Shoe — 0.2%
Coach, Inc.		241	$	9,052
Gap, Inc.		216		9,096
lululemon athletica, Inc.†		7,700		429,583
PVH Corp.		61		7,818
Ross Stores, Inc.		118		11,123
				466,672
Retail-Auto Parts — 0.0%
AutoZone, Inc.†		14		8,668
O’Reilly Automotive, Inc.†		46		8,860
				17,528
Retail-Automobile — 0.1%
CarMax, Inc.†		107		7,124
Copart, Inc.†		7,888		287,833
				294,957
Retail-Building Products — 0.2%
Home Depot, Inc.		4,058		425,968
Lowe’s Cos., Inc.		447		30,754
				456,722
Retail-Discount — 0.5%
Costco Wholesale Corp.		7,647		1,083,962
Dollar General Corp.†		119		8,414
Dollar Tree, Inc.†		116		8,164
				1,100,540
Retail-Drug Store — 0.3%
CVS Health Corp.		6,118		589,225
Walgreens Boots Alliance, Inc.		316		24,079
				613,304
Retail-Gardening Products — 0.0%
Tractor Supply Co.		86		6,779
Retail-Jewelry — 0.3%
Tiffany & Co.		6,618		707,199
Retail-Major Department Stores — 0.3%
Nordstrom, Inc.		8,388		665,923
TJX Cos., Inc.		312		21,397
				687,320
Retail-Regional Department Stores — 0.0%
Macy’s, Inc.		156		10,257
Retail-Restaurants — 0.5%
Chipotle Mexican Grill, Inc.†		13		8,899
Dunkin’ Brands Group, Inc.		185		7,890
McDonald’s Corp.		349		32,701
Starbucks Corp.		11,540		946,857
Yum! Brands, Inc.		206		15,007
				1,011,354
Rubber-Tires — 0.2%
Bridgestone Corp. ADR		19,700		342,977
Goodyear Tire & Rubber Co.		333		9,514
				352,491
Satellite Telecom — 0.1%
Inmarsat PLC ADR		22,800		277,932
Savings & Loans/Thrifts — 0.4%
Washington Federal, Inc.		37,995		841,589

Security Description	Shares		Value (Note 2)
Security Services — 0.2%
Secom Co., Ltd. ADR		22,700	$	325,291
Semiconductor Components-Integrated Circuits — 0.4%
Linear Technology Corp.		173		7,889
Maxim Integrated Products, Inc.		11,066		352,674
QUALCOMM, Inc.		3,877		288,177
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		13,634		305,129
				953,869
Semiconductor Equipment — 0.5%
Applied Materials, Inc.		28,129		700,975
KLA-Tencor Corp.		117		8,227
Lam Research Corp.		4,104		325,611
				1,034,813
Steel-Producers — 0.2%
Reliance Steel & Aluminum Co.		4,325		264,993
Schnitzer Steel Industries, Inc., Class A		6,014		135,676
				400,669
SupraNational Banks — 0.2%
Banco Latinoamericano de Comercio Exterior SA, Class E		13,200		397,320
Telecom Services — 0.3%
BCE, Inc.		8,860		406,319
Consolidated Communications Holdings, Inc.		1,508		41,968
Level 3 Communications, Inc.†		176		8,691
Vivendi SA ADR		5,800		143,956
				600,934
Telecommunication Equipment — 0.1%
Harris Corp.		1,672		120,083
Telephone-Integrated — 0.4%
Verizon Communications, Inc.		18,354		858,600
Television — 0.1%
CBS Corp., Class B		273		15,108
Sinclair Broadcast Group, Inc., Class A		7,665		209,714
				224,822
Tobacco — 0.2%
Altria Group, Inc.		760		37,445
Imperial Tobacco Group PLC ADR		3,300		288,750
Lorillard, Inc.		202		12,714
Philip Morris International, Inc.		403		32,824
				371,733
Tools-Hand Held — 0.2%
Snap-on, Inc.		3,273		447,550
Toys — 0.9%
Hasbro, Inc.		28,540		1,569,415
Mattel, Inc.		13,872		429,269
				1,998,684
Transport-Equipment & Leasing — 0.1%
Greenbrier Cos., Inc.		1,792		96,284
TAL International Group, Inc.		1,539		67,054
				163,338
Transport-Marine — 0.3%
Kirby Corp.†		7,200		581,328

23

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Transport-Marine (continued)
Tidewater, Inc.		1,400	$	45,374
				626,702
Transport-Rail — 0.4%
Kansas City Southern		74		9,030
Norfolk Southern Corp.		2,241		245,636
Union Pacific Corp.		5,668		675,229
				929,895
Transport-Services — 0.6%
Expeditors International of Washington, Inc.		20,641		920,795
FedEx Corp.		63		10,941
TNT Express NV ADR		17,900		118,766
United Parcel Service, Inc., Class B		2,154		239,460
				1,289,962
Veterinary Diagnostics — 0.1%
VCA, Inc.†		4,462		217,612
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co.		116		11,663
Water — 0.1%
California Water Service Group		4,300		105,823
Web Hosting/Design — 0.0%
Equinix, Inc.		40		9,069
Web Portals/ISP — 0.4%
Google, Inc., Class A†		947		502,535
Google, Inc., Class C†		679		357,426
				859,961
Total Common Stocks (cost $98,023,314)				129,473,218
EXCHANGE-TRADED FUNDS — 4.7%
iShares MSCI Emerging Markets Index ETF		111,100		4,365,119
SPDR Barclays High Yield Bond ETF		65,000		2,509,650
Vanguard Global ex-U.S. Real Estate ETF		66,200		3,543,024
Total Exchange-Traded Funds (cost $10,461,404)				10,417,793
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.6%
Banks-Super Regional — 0.2%
PNC Financial Services Group, Inc. FRS 6.75% due 08/01/2021(3)	$	250,000		274,375
Wells Fargo & Co. FRS Series K 7.98% due 03/15/2018(3)		250,000		275,938
				550,313
Diversified Banking Institutions — 0.4%
Bank of America Corp. FRS Series M 8.13% due 05/15/2018(3)		500,000		539,375
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(3)		250,000		269,075
				808,450
Total Preferred Securities/Capital Securities (cost $1,235,513)				1,358,763

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 4.1%
Diversified Financial Services — 4.1%
ACE Securities Corp. FRS Series 2005-WF1, Class A2C 0.51% due 05/25/2035	$	188,237	$	186,096
ACE Securities Corp. Mtg. Loan Trust Series 2007-D1, Class A2 6.34% due 02/25/2038*(4)		200,000		195,203
ACE Securities Corp. Mtg. Loan Trust Series 2007-D1, Class A4 6.93% due 02/25/2038*(4)		174,354		171,486
Ally Master Owner Trust FRS Series 2014-1, Class A1 0.64% due 01/15/2019		250,000		249,742
American Credit Acceptance Receivables Trust Series 2012-3, Class A 1.64% due 11/15/2016*		28,156		28,169
AmeriCredit Automobile Receivables Trust Series 2014-2, Class A2A 0.54% due 10/10/2017		200,000		199,879
AmeriCredit Automobile Receivables Trust Series 2013-3, Class A2 0.68% due 10/11/2016		31,403		31,405
Bear Stearns Commercial Mtg. Securities Trust VRS Series 2007-T28, Class AJ 5.95% due 09/11/2042(5)		300,000		323,006
Cabela’s Credit Card Master Note Trust FRS Series 2014-2, Class A 0.62% due 07/15/2022		250,000		249,139
Capital Auto Receivables Asset Trust Series 2013-1, Class A4 0.97% due 01/22/2018		200,000		199,892
Citigroup Mtg. Loan Trust, Inc. VRS Series 2009-11, Class 6A1 1.51% due 10/25/2035*(6)		16,040		16,061
Citigroup Mtg. Loan Trust, Inc. FRS Series 2009-6, Class 12A1 2.61% due 07/25/2036*(6)		108,395		108,900
Citigroup Mtg. Loan Trust, Inc. FRS Series 2010-10, Class 2A2 2.82% due 02/25/2036*(6)		400,000		359,856
Citigroup Mtg. Loan Trust, Inc. Series 2010-9, Class 3A1 4.25% due 01/25/2036*(6)		206,623		211,807
Countrywide Home Loan Mtg. Pass Through Trust Series 2004-J1, Class 1A1 4.50% due 01/25/2019(6)		4,457		4,527
CPS Auto Receivables Trust Series 2013-B, Class A 1.82% due 09/15/2020*		128,598		128,363
Credit Suisse First Boston Mtg. Securities Corp. FRS Series 2004-AR4, Class 5A4 1.13% due 05/25/2034(6)		16,304		15,895
Credit Suisse Mtg. Capital Certs. VRS Series 2013-IVR1, Class A2 3.00% due 03/25/2043*(6)		179,432		177,806
Goldman Sachs Mtg. Securities Trust VRS Series 2011-GC5, Class AS 5.21% due 08/10/2044*(5)		300,000		339,953

24

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Goldman Sachs Mtg. Securities Trust VRS Series 2011-GC5, Class D 5.31% due 08/10/2044*(5)	$	300,000	$	316,330
GSMSC Pass-Through Trust FRS Series 2009-4R, Class 2A1 0.61% due 12/26/2036*(6)		84,854		83,401
Jefferies Resecuritization Trust VRS Series 2009-R2, Class 2A 2.58% due 12/26/2037*(6)		197,600		197,050
Jefferies Resecuritization Trust Series 2010-R4, Class 1A1 5.00% due 10/26/2036*(6)		110,536		113,657
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2013-C16, Class B 4.94% due 12/15/2046(5)		200,000		222,091
MASTR Alternative Loan Trust Series 2005-1, Class 2A1 6.00% due 02/25/2035(6)		102,730		113,057
Morgan Stanley Re-REMIC Trust FRS Series 2010-R1, Class 2B 2.51% due 07/26/2035*(6)		300,000		282,866
Morgan Stanley Re-REMIC Trust FRS Series 2010-R1, Class 1B 2.58% due 07/26/2035*(6)		200,000		201,926
New Century Home Equity Loan Trust FRS Series 2005-3, Class M1 0.65% due 07/25/2035		142,599		142,015
OneMain Financial Issuance Trust Series 2014-1A, Class A 2.43% due 06/18/2024*		210,000		209,996
PFS Financing Corp. FRS Series 2013-AA, Class A 0.72% due 02/15/2018*		100,000		99,975
Residential Accredit Loans, Inc. Series 2003-QS23, Class A1 5.00% due 12/26/2018(6)		62,377		63,283
Residential Asset Securities Corp. VRS Series 2003-KS10, Class AI4 4.47% due 03/25/2032		48,448		49,136
Santander Drive Auto Receivables Trust Series 2014-2, Class A2A 0.54% due 07/17/2017		216,957		216,785
Sequoia Mtg. Trust VRS Series 2013-4, Class A3 1.55% due 04/25/2043(6)		218,452		203,801
SLM Private Credit Student Loan Trust FRS Series 2002-A, Class A2 0.79% due 12/16/2030		206,828		203,783
SLM Private Education Loan Trust FRS Series 2013-A, Class A1 0.77% due 08/15/2022*		67,693		67,762
Soundview Home Loan Trust FRS Series 2005-CTX1, Class M1 0.58% due 11/25/2035		49,569		48,919
Springleaf Funding Trust Series 2013-AA, Class A 2.58% due 09/15/2021*		250,000		250,720
Springleaf Mtg. Loan Trust VRS Series 2012-2A, Class A 2.22% due 10/25/2057*(6)		91,472		92,698

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Springleaf Mtg. Loan Trust VRS Series 2013-1A, Class M1 2.31% due 06/25/2058*(6)	$	100,000	$	97,994
Springleaf Mtg. Loan Trust VRS Series 2013-3A, Class M1 3.79% due 09/25/2057*(6)		200,000		201,414
Structured Asset Securities Corp. VRS Pass Through Certs. Series 2004-3, Class 4A1 5.67% due 03/25/2034(6)		77,197		79,979
UBS-Barclays Commercial Mtg. Trust Series 2013-C5, Class AS 3.35% due 03/10/2046*(5)		200,000		200,473
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C25, Class AM 5.71% due 05/15/2043(5)		300,000		315,609
Wells Fargo Home Equity Trust FRS Series 2004-2, Class A21B 0.59% due 10/25/2034		15,785		15,322
WF-RBS Commercial Mortgage Trust VRS Series 2013-C14, Class D 4.00% due 06/15/2046*(5)		300,000		277,843
WF-RBS Commercial Mortgage Trust VRS Series 2014-LC14, Class C 4.34% due 03/15/2047(5)		300,000		303,756
WF-RBS Commercial Mortgage Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(5)		415,000		452,396
WF-RBS Commercial Mortgage Trust VRS Series 2014-C23, Class B 4.38% due 10/15/2057(5)		300,000		319,440
WF-RBS Commercial Mortgage Trust VRS Series 2014-C20, Class C 4.51% due 05/15/2047(5)		300,000		307,844
Total Asset Backed Securities (cost $8,745,901)				8,948,506
CONVERTIBLE BONDS & NOTES — 0.3%
Auto/Truck Parts & Equipment-Original — 0.2%
Meritor, Inc. Company Guar. Notes 7.88% due 03/01/2026		250,000		411,719
Pharmacy Services — 0.1%
Omnicare, Inc. Company Guar. Notes 3.25% due 12/15/2035		72,000		77,400
Omnicare, Inc. Company Guar. Notes 3.50% due 02/15/2044		90,000		107,550
				184,950
Total Convertible Bonds & Notes (cost $403,991)				596,669
U.S. CORPORATE BONDS & NOTES — 15.5%
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 4.07% due 12/15/2042		250,000		252,269
Airlines — 0.2%
US Airways Pass Through Trust Pass Through Certs. Series 2012-2, Class B 6.75% due 12/03/2022		461,350		491,337

25

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Alternative Waste Technology — 0.2%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020	$	500,000	$	500,000
Auto-Cars/Light Trucks — 0.4%
American Honda Finance Corp. Senior Notes 3.88% due 09/21/2020*		250,000		265,904
General Motors Co. Senior Notes 4.88% due 10/02/2023		500,000		535,000
				800,904
Banks-Commercial — 0.1%
KeyBank NA Sub. Notes 7.41% due 10/15/2027		250,000		255,633
Banks-Super Regional — 0.5%
JP Morgan Chase Bank NA Sub. Notes 6.00% due 10/01/2017		250,000		277,471
US Bancorp Senior Notes 3.00% due 03/15/2022		250,000		252,493
US Bancorp Sub. Notes 3.60% due 09/11/2024		250,000		253,879
Wells Fargo Bank NA Sub. Notes 6.00% due 11/15/2017		250,000		280,228
				1,064,071
Beverages-Non-alcoholic — 0.4%
Innovation Ventures LLC/Innovation Ventures Finance Corp. Senior Sec. Notes 9.50% due 08/15/2019*		750,000		748,125
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022		500,000		485,941
Cable/Satellite TV — 0.3%
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/2037		500,000		643,744
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 9.13% due 12/01/2018		250,000		256,250
Casino Services — 0.1%
Peninsula Gaming LLC/Peninsula Gaming Corp. Company Guar. Notes 8.38% due 02/15/2018*		250,000		260,000
Chemicals-Diversified — 0.2%
Axiall Corp. Company Guar. Notes 4.88% due 05/15/2023		250,000		235,938
Eagle Spinco, Inc. Company Guar. Notes 4.63% due 02/15/2021		250,000		236,875
				472,813

Security Description	Principal Amount		Value (Note 2)
Computer Services — 0.1%
International Business Machines Corp. Senior Notes 1.95% due 02/12/2019	$	250,000	$	250,921
Computers — 0.2%
Apple, Inc. Senior Notes 2.40% due 05/03/2023		500,000		485,999
Containers-Paper/Plastic — 0.4%
Graphic Packaging International, Inc. Company Guar. Notes 4.88% due 11/15/2022		500,000		502,500
Sealed Air Corp. Company Guar. Notes 6.88% due 07/15/2033*		250,000		255,625
				758,125
Diversified Banking Institutions — 0.9%
Bank of America Corp. Senior Notes 3.88% due 03/22/2017		250,000		261,574
Citigroup, Inc. Senior Notes 6.13% due 05/15/2018		250,000		282,918
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		500,000		564,331
JPMorgan Chase & Co. Senior Notes 3.63% due 05/13/2024		250,000		255,901
Morgan Stanley FRS Senior Notes 1.08% due 01/24/2019		250,000		250,493
Morgan Stanley Senior Notes 6.25% due 08/09/2026		250,000		301,401
				1,916,618
Diversified Financial Services — 0.5%
General Electric Capital Corp. FRS Senior Notes 0.76% due 01/14/2019		250,000		250,098
General Electric Capital Corp. FRS Senior Notes 1.24% due 03/15/2023		250,000		253,519
General Electric Capital Corp. Sub. Notes 5.30% due 02/11/2021		500,000		570,994
				1,074,611
Electric-Generation — 0.1%
Indiantown Cogeneration LP 1st Mtg. Notes 9.77% due 12/15/2020		218,393		247,973
Electric-Integrated — 0.8%
NiSource Finance Corp. Company Guar. Notes 6.25% due 12/15/2040		250,000		322,283
PacifiCorp 1st Mtg. Notes 5.25% due 06/15/2035		500,000		602,750

26

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
PPL Energy Supply LLC Senior Notes 4.60% due 12/15/2021	$	500,000	$	453,707
Public Service Co. of New Mexico Senior Notes 7.95% due 05/15/2018		250,000		294,215
				1,672,955
Electric-Transmission — 0.3%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 7.00% due 09/01/2022		500,000		633,326
Electronic Components-Misc. — 0.1%
Corning, Inc. Senior Notes 4.75% due 03/15/2042		250,000		266,854
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 3.40% due 07/08/2024		250,000		255,518
Finance-Auto Loans — 0.4%
Ford Motor Credit Co. LLC Senior Notes 3.98% due 06/15/2016		500,000		517,701
Ford Motor Credit Co. LLC Senior Notes 5.88% due 08/02/2021		250,000		289,447
				807,148
Finance-Commercial — 0.1%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*		250,000		232,500
Finance-Investment Banker/Broker — 0.4%
Jefferies Group LLC Senior Notes 3.88% due 11/09/2015		250,000		255,283
Jefferies Group LLC Senior Notes 5.13% due 04/13/2018		250,000		263,652
Jefferies Group LLC Senior Notes 8.50% due 07/15/2019		250,000		299,575
				818,510
Food-Misc./Diversified — 0.1%
Ingredion, Inc. Senior Notes 3.20% due 11/01/2015		250,000		254,182
Gambling (Non-Hotel) — 0.2%
Greektown Holdings LLC/Greektown Mothership Corp Senior Sec. Notes 8.88% due 03/15/2019*		500,000		498,750
Independent Power Producers — 0.4%
GenOn Energy, Inc. Senior Notes 9.88% due 10/15/2020		500,000		492,500

Security Description	Principal Amount		Value (Note 2)
Independent Power Producers (continued)
NRG Energy, Inc. Company Guar. Notes 7.63% due 01/15/2018	$	250,000	$	274,375
				766,875
Industrial Gases — 0.2%
Airgas Inc Senior Notes 1.65% due 02/15/2018		500,000		493,386
Insurance-Life/Health — 0.1%
Prudential Covered Trust 2012-1 Sec. Notes 3.00% due 09/30/2015*		225,000		228,160
Insurance-Mutual — 0.1%
New York Life Global Funding Sec. Notes 1.45% due 12/15/2017*		250,000		249,348
Insurance-Property/Casualty — 0.3%
Fidelity National Financial, Inc. Senior Notes 6.60% due 05/15/2017		500,000		549,866
Medical Instruments — 0.3%
Medtronic, Inc. Senior Notes 4.38% due 03/15/2035*		500,000		530,428
Medical Labs & Testing Services — 0.5%
Roche Holdings, Inc. FRS Company Guar. Notes 0.60% due 09/30/2019*		500,000		499,271
Vantage Oncology LLC/Vantage Oncology Finance Co. Senior Sec. Notes 9.50% due 06/15/2017*		500,000		485,000
				984,271
Medical-Biomedical/Gene — 0.4%
Amgen, Inc. Senior Notes 3.88% due 11/15/2021		250,000		264,128
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		250,000		256,600
Gilead Sciences, Inc. Senior Notes 4.40% due 12/01/2021		250,000		275,663
				796,391
Medical-Drugs — 0.2%
AbbVie, Inc. Senior Notes 1.20% due 11/06/2015		250,000		250,735
AbbVie, Inc. Senior Notes 2.90% due 11/06/2022		250,000		246,132
				496,867
Medical-Hospitals — 0.3%
HCA, Inc. Company Guar. Notes 5.88% due 05/01/2023		500,000		526,875

27

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc. Company Guar. Notes 5.25% due 11/15/2021	$	250,000	$	283,071
Office Automation & Equipment — 0.2%
CDW LLC/CDW Finance Corp. Company Guar. Notes 5.50% due 12/01/2024		500,000		500,625
Oil & Gas Drilling — 0.3%
Nabors Industries, Inc. Company Guar. Notes 5.10% due 09/15/2023		500,000		474,727
Rowan Cos., Inc. Company Guar. Notes 4.88% due 06/01/2022		250,000		243,270
				717,997
Oil Companies-Exploration & Production — 0.7%
Linn Energy LLC/Linn Energy Finance Corp. Company Guar. Notes 6.50% due 05/15/2019		250,000		213,750
W&T Offshore, Inc. Company Guar. Notes 8.50% due 06/15/2019		750,000		491,250
Whiting Petroleum Corp. Company Guar. Notes 5.75% due 03/15/2021		250,000		231,875
Whiting Petroleum Corp. Company Guar. Notes 6.50% due 10/01/2018		500,000		482,500
				1,419,375
Oil Companies-Integrated — 0.2%
Phillips 66 Company Guar. Notes 2.95% due 05/01/2017		250,000		258,196
Phillips 66 Company Guar. Notes 4.30% due 04/01/2022		250,000		263,923
				522,119
Oil Refining & Marketing — 0.1%
Tesoro Corp. Company Guar. Notes 5.38% due 10/01/2022		250,000		253,125
Oil-Field Services — 0.2%
Exterran Partners LP/EXLP Finance Corp. Company Guar. Notes 6.00% due 04/01/2021		500,000		435,000
Physical Therapy/Rehabilitation Centers — 0.2%
HealthSouth Corp. Company Guar. Notes 5.75% due 11/01/2024		500,000		520,000
Pipelines — 0.4%
El Paso Natural Gas Co. LLC Company Guar. Notes 7.50% due 11/15/2026		500,000		618,698
Southeast Supply Header LLC Senior Notes 4.25% due 06/15/2024*		250,000		253,352
				872,050

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts — 1.3%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 4.60% due 04/01/2022	$	250,000	$	265,915
BioMed Realty LP Company Guar. Notes 2.63% due 05/01/2019		250,000		249,781
BioMed Realty LP Company Guar. Notes 6.13% due 04/15/2020		250,000		284,832
CubeSmart LP Company Guar. Notes 4.80% due 07/15/2022		250,000		274,529
HCP, Inc. Senior Notes 6.00% due 03/01/2015		250,000		252,097
Health Care REIT, Inc. Senior Notes 5.88% due 05/15/2015		250,000		254,665
Healthcare Realty Trust, Inc. Senior Notes 5.75% due 01/15/2021		250,000		279,540
Hospitality Properties Trust Senior Notes 4.65% due 03/15/2024		250,000		256,077
Hospitality Properties Trust Senior Notes 5.00% due 08/15/2022		250,000		263,445
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		250,000		271,954
Ventas Realty LP/Ventas Capital Corp. Company Guar. Notes 3.25% due 08/15/2022		250,000		246,715
				2,899,550
Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Senior Notes 4.50% due 08/16/2021*		250,000		267,315
Savings & Loans/Thrifts — 0.0%
Washington Mutual Bank Escrow Notes 5.50% due 1/15/2013†(2)(7)		125,000		13
Special Purpose Entity — 0.1%
Murray Street Investment Trust I Company Guar. Notes 4.65% due 03/09/2017(4)		250,000		263,849
Steel-Specialty — 0.4%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		250,000		256,100
Allegheny Technologies, Inc. Senior Notes 6.13% due 08/15/2023		500,000		511,509
				767,609
Storage/Warehousing — 0.2%
Mobile Mini, Inc. Company Guar. Notes 7.88% due 12/01/2020		500,000		520,000

28

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telecom Services — 0.3%
Qwest Corp. Senior Notes 6.75% due 12/01/2021	$	500,000	$	578,155
Telephone-Integrated — 0.2%
Verizon Communications, Inc. Senior Notes 3.65% due 09/14/2018		250,000		264,182
Verizon Communications, Inc. Senior Notes 5.50% due 02/15/2018		200,000		221,973
				486,155
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Notes 3.13% due 05/11/2015*		250,000		252,025
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.75% due 05/11/2017*		250,000		261,277
				513,302
Total U.S. Corporate Bonds & Notes (cost $33,024,222)				33,846,854
FOREIGN CORPORATE BONDS & NOTES — 2.2%
Banks-Commercial — 0.2%
Australia & New Zealand Banking Group, Ltd. FRS Senior Notes 0.79% due 05/15/2018		250,000		250,585
ING Bank NV Senior Notes 3.75% due 03/07/2017*		250,000		261,625
				512,210
Cruise Lines — 0.3%
Royal Caribbean Cruises, Ltd. Senior Notes 7.25% due 03/15/2018		500,000		557,500
Diversified Minerals — 0.4%
Glencore Finance Canada, Ltd. Company Guar. Notes 2.70% due 10/25/2017*		250,000		252,927
Glencore Finance Canada, Ltd. Company Guar. Notes 4.95% due 11/15/2021*		500,000		527,489
				780,416
Electric-Integrated — 0.2%
TransAlta Corp. Senior Notes 4.50% due 11/15/2022		250,000		251,240
TransAlta Corp. Senior Notes 6.65% due 05/15/2018		200,000		224,417
				475,657
Oil Companies-Integrated — 0.2%
BP Capital Markets PLC Company Guar. Notes 4.75% due 03/10/2019		500,000		546,954

Security Description	Principal Amount		Value (Note 2)
Oil-Field Services — 0.1%
Weatherford International, Ltd. Company Guar. Notes 4.50% due 04/15/2022	$	250,000	$	222,506
Pipelines — 0.1%
Express Pipeline LLC Sec. Notes 7.39% due 12/31/2019*		148,600		158,604
Steel-Producers — 0.5%
ArcelorMittal Senior Notes 6.00% due 03/01/2021		1,000,000		1,040,000
Transport-Marine — 0.2%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. Senior Sec. Notes 7.38% due 01/15/2022*		500,000		457,500
Total Foreign Corporate Bonds & Notes (cost $4,640,908)				4,751,347
U.S. GOVERNMENT AGENCIES — 10.0%
Federal Home Loan Mtg. Corp. — 2.7%
2.00% due 06/01/2028		85,478		85,344
2.50% due 02/01/2028		233,257		237,883
3.00% due 01/01/2027		249,953		260,106
3.00% due 10/01/2042		297,964		301,971
3.50% due 02/01/2042		275,899		287,401
3.50% due 07/01/2042		167,605		174,608
3.50% due 09/01/2042		116,286		121,078
3.50% due 10/01/2042		176,696		184,396
3.50% due 08/01/2043		279,019		291,478
4.00% due 08/01/2026		106,534		114,024
4.00% due 12/01/2040		374,603		400,868
4.50% due 07/01/2039		582,943		639,355
4.50% due 11/01/2043		180,659		200,016
5.00% due 04/01/2035		108,740		120,416
5.00% due 01/01/2040		163,305		180,874
5.50% due 11/01/2017		18,955		20,048
5.50% due 01/01/2018		17,191		18,182
5.50% due 05/01/2031		44,027		49,251
5.50% due 01/01/2036		82,472		92,545
6.00% due 04/01/2017		11,940		12,431
6.00% due 05/01/2017		20,175		21,044
6.00% due 05/01/2031		21,393		24,502
6.00% due 09/01/2032		13,393		15,181
6.50% due 01/01/2032		99,467		116,389
7.00% due 02/01/2015		139		139
7.00% due 03/01/2015		69		68
7.00% due 06/01/2015		179		180
7.00% due 03/01/2016		5,254		5,306
7.00% due 01/01/2032		12,883		14,622
7.50% due 12/01/2030		28,858		31,553
7.50% due 01/01/2031		30,761		34,161
7.50% due 02/01/2031		3,828		4,433
Federal Home Loan Mtg. Corp. REMIC
Series 4127, Class EJ
2.50% due 11/15/2032(6)		175,493		173,390
Series 4033, Class ED
2.50% due 10/15/2036(6)		315,783		320,622
Series 4206, Class NY
3.00% due 05/15/2033(6)		300,000		298,391
Series 4343, Class DI
3.50% due 08/15/2040(6)(8)		575,017		88,229
Series 4121, Class UI
3.50% due 10/15/2042(6)(8)		691,425		129,898

29

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 3924, Class LB
4.00% due 05/15/2039(6)	$	200,000	$	208,564
Series 4135, Class DI
4.00% due 11/15/2042(6)(8)		439,759		82,068
Series 3844, Class QE
4.50% due 12/15/2040(6)		68,605		73,190
Federal Home Loan Mtg. Corp. STRIPS VRS
1.86% due 10/15/2037(6)(8)		3,714,146		272,341
1.91% due 02/15/2038(6)(8)		3,665,004		271,571
				5,978,117
Federal National Mtg. Assoc. — 4.6%
1.00% due 09/27/2017		250,000		249,497
1.88% due 02/19/2019		750,000		761,381
2.00% due 10/01/2027		311,169		310,178
2.50% due 05/01/2027		138,045		140,925
2.50% due 06/01/2027		442,441		451,681
3.00% due 04/01/2027		73,748		76,859
3.00% due 09/01/2034		96,457		99,174
3.00% due 10/01/2042		168,991		171,398
3.00% due 12/01/2042		173,718		176,085
3.00% due 02/01/2043		416,703		422,549
3.00% due 04/01/2043		231,231		234,252
3.50% due 08/01/2033		266,746		281,485
3.50% due 03/01/2042		235,849		246,325
3.50% due 07/01/2042		131,555		137,400
3.50% due 09/01/2042		189,334		198,295
3.50% due 11/01/2042		256,514		268,571
4.00% due 09/01/2040		272,883		293,176
4.00% due 12/01/2040		203,794		219,733
4.00% due 01/01/2041		285,800		305,480
4.00% due 02/01/2041		156,969		167,724
4.00% due 11/01/2041		184,660		197,312
4.00% due 08/01/2043		456,848		493,700
4.00% due 10/01/2043		93,213		100,576
4.00% due 04/01/2044		96,347		104,135
4.00% due 10/01/2044		295,689		319,628
4.50% due 01/01/2041		246,262		270,952
4.50% due 05/01/2041		116,426		126,554
4.50% due 09/01/2041		123,763		134,526
4.50% due 09/01/2043		546,304		605,645
4.50% due 10/01/2043		168,253		186,187
5.00% due 05/01/2033		84,324		94,733
5.00% due 02/01/2040		243,582		274,719
5.00% due 05/01/2040		128,376		142,638
5.00% due 07/01/2040		224,932		253,374
5.00% due 07/01/2041		408,296		458,794
6.00% due 08/01/2018		4,301		4,869
6.00% due 05/01/2031		10,919		12,517
6.00% due 08/01/2031		87,451		99,093
6.00% due 04/01/2032		27,899		32,011
6.50% due 06/01/2019		8,130		9,259
6.50% due 09/01/2024		24,829		28,276
6.50% due 09/01/2025		4,683		5,333
6.50% due 11/01/2025		8,301		9,454
6.50% due 05/01/2026		12,483		14,216
6.50% due 11/01/2027		764		870
6.50% due 01/01/2032		3,546		4,038
7.00% due 12/01/2015		137		138
7.00% due 04/01/2016		2,587		2,615

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
7.00% due 05/01/2029	$	7,461	$	8,346
7.00% due 09/01/2029		7,138		7,440
7.00% due 12/01/2029		1,106		1,114
7.00% due 01/01/2031		4,009		4,539
7.50% due 01/01/2031		14,692		16,445
7.50% due 02/01/2031		1,537		1,603
8.00% due 01/01/2016		9,417		9,592
Federal National Mtg. Assoc. REMIC
Series 2012-122, Class AD
2.00% due 02/25/2040(6)		84,553		82,657
Series 2013-2, Class BI
2.50% due 02/25/2028(6)(8)		785,445		76,745
Series 2012-16, Class GC
2.50% due 11/25/2041(6)		149,300		150,483
Series 2012-141, Class PB
2.50% due 12/25/2042(6)		200,000		182,795
Series 2012-149, Class IC
3.50% due 01/25/2028(6)(8)		650,747		86,879
Series 2012-125, Class IG
3.50% due 11/25/2042(6)(8)		611,592		102,586
Series 2002-16, Class TM
7.00% due 04/25/2032(6)		149,326		170,537
				10,100,091
Government National Mtg. Assoc. — 2.7%
0.69% due 05/16/2054 VRS(5)(8)		1,921,898		108,703
0.91% due 08/16/2052 VRS(5)(8)		2,732,768		161,903
3.00% due 11/15/2042		304,989		312,731
3.00% due 02/15/2043		271,876		279,544
3.50% due 11/15/2041		194,870		204,941
3.50% due 09/15/2042		232,992		245,409
3.50% due 01/15/2044		154,088		163,177
4.00% due 08/15/2041		145,437		158,039
4.50% due 05/15/2039		83,140		90,896
4.50% due 10/15/2039		169,076		186,831
5.00% due 02/15/2040		127,879		141,448
5.50% due 07/20/2033		157,590		177,889
6.00% due 05/20/2032		39,692		45,643
6.00% due 07/20/2033		100,795		115,931
6.50% due 12/15/2023		23,704		27,048
6.50% due 03/20/2027		1,149		1,300
6.50% due 04/20/2027		9,917		11,219
7.00% due 12/15/2022		3,724		3,772
7.00% due 05/15/2023		1,971		1,986
7.00% due 06/15/2023		1,692		1,726
7.00% due 12/15/2023		4,499		5,117
7.00% due 04/15/2028		11,541		12,037
7.50% due 08/15/2030		14,167		14,593
7.50% due 09/15/2030		4,559		4,823
7.50% due 11/15/2030		18,972		20,426
7.50% due 01/15/2031		12,554		14,462
Government National Mtg. Assoc. REMIC
Series 2013-7, Class IO VRS
0.75% due 05/16/2053(5)(8)		1,239,150		81,385
Series 2012-44, Class IO VRS
0.76% due 03/16/2049(5)(8)		1,674,962		84,220
Series 2013-57, Class IO VRS
0.79% due 06/16/2054(5)(8)		2,889,594		149,025
Series 2013-74, Class IO VRS
0.80% due 12/16/2053(5)(8)		2,156,661		135,822
Series 2014-1, Class IO VRS
0.85% due 09/16/2055(5)(8)		3,805,587		219,719

30

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Series 2012-125, Class IO VRS
0.86% due 02/16/2053(5)(8)	$	1,928,050	$	132,885
Series 2012-139, Class IO VRS
0.88% due 02/16/2053(5)(8)		2,407,924		166,539
Series 2012-131, Class IO VRS
0.90% due 02/16/2053(5)(8)		1,889,230		145,618
Series 2013-80, Class IO VRS
0.91% due 03/16/2052(5)(8)		3,383,508		266,221
Series 2013-101, Class IO VRS
0.92% due 10/16/2054(5)(8)		2,913,693		165,099
Series 2013-68, Class IO VRS
0.96% due 02/16/2046(5)(8)		1,352,597		91,706
Series 2014-101, Class IO VRS
0.96% due 04/16/2056(5)(8)		1,220,628		96,167
Series 2013-30, Class IO VRS
0.98% due 09/16/2053(5)(8)		1,913,955		134,725
Series 2013-40, Class IO VRS
1.08% due 06/16/2054(5)(8)		2,235,191		147,080
Series 2014-92, Class AB
1.78% due 06/16/2040(5)		94,678		96,553
Series 2014-13, Class A
2.60% due 09/16/2042(5)		244,183		253,101
Series 2014-13, Class VA VRS
3.00% due 01/16/2054(5)		171,557		187,299
Series 2011-27, Class CB VRS
3.48% due 07/16/2045(5)		250,000		257,803
Series 2012-3, Class LA
3.50% due 03/20/2038(6)		292,783		308,095
Series 2011-128, Class BI
4.00% due 09/16/2026(6)(8)		813,259		85,145
Series 2010-165, Class IP
4.00% due 04/20/2038(6)(8)		584,648		62,317
Series 2002-70, Class PA
4.50% due 08/20/2032(6)		10,227		10,561
				5,788,679
Total U.S. Government Agencies (cost $21,673,585)				21,866,887
U.S. GOVERNMENT TREASURIES — 0.6%
United States Treasury Bonds — 0.2%
6.25% due 08/15/2023		300,000		399,445
United States Treasury Notes — 0.4%
1.63% due 07/31/2019		250,000		250,391
2.75% due 02/15/2024		250,000		263,066
3.13% due 05/15/2021		400,000		429,250
				942,707
Total U.S. Government Treasuries (cost $1,282,589)				1,342,152
LOANS (9)(10)— 0.3%
Oil & Gas Drilling — 0.3%
Drillships Financing Holding, Inc. FRS Tranche B-1 6.00% due 03/31/2021		249,367		197,000
Drillships Ocean Ventures, Inc. FRS BTL-B 5.50% due 07/25/2021		498,750		400,870
Total Loans (cost $692,381)				597,870

Security Description	Principal Amount			Value (Note 2)
Total Long-Term Investment Securities (cost $180,183,808)				$	213,200,059
REPURCHASE AGREEMENT — 2.4%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 12/31/2014, to be repurchased 01/02/2015 in the amount of $5,270,000 and collateralized by $3,840,000 of United States Treasury Bonds, bearing interest at 8.00% due 11/15/2021 and having an approximate value of $5,376,035 (cost $5,270,000)	$	5,270,000			5,270,000
TOTAL INVESTMENTS (cost $185,453,808)(11)		99.9	%		218,470,059
Other assets less liabilities		0.1			172,165
NET ASSETS		100.0	%	$	218,642,224

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At December 31, 2014, the aggregate value of these securities was $11,829,330 representing 5.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2

(2) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2

(3) Perpetual maturity—maturity date reflects the next call date.

(4) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of December 31, 2014.

(5) Commercial Mortgage Backed Security

(6) Collateralized Mortgage Obligation

(7) Illiquid security. At December 31, 2014, the aggregate value of these securities was $13 representing 0.0% of net assets.

(8) Interest Only

(9) The Portfolio invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offer Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(10) Senior loans in the Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(11) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

BR — Bearer Shares

BTL — Bank Term Loan

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate trading of registered interest and principal of securities.

31

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at
December 31, 2014 and unless noted otherwise, the dates shown are the
original maturity dates.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2014 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Computer Software	$	7,996	$	310,350	$	—	$	318,346
Diversified Manufacturing Operations		1,651,322		142,567		—		1,793,889
Medical-Drugs		6,535,207		—		0		6,535,207
Other Industries		120,825,776		—		—		120,825,776
Exchange-Traded Funds		10,417,793		—		—		10,417,793
Preferred Securities/Capital Securities		—		1,358,763		—		1,358,763
Asset Backed Securities		—		8,948,506		—		8,948,506
Convertible Bonds & Notes		—		596,669		—		596,669
U.S. Corporate Bonds & Notes:
Savings & Loans/Thrifts		—		—		13		13
Other Industries		—		33,846,841		—		33,846,841
Foreign Corporate Bonds & Notes		—		4,751,347		—		4,751,347
U.S. Government Agencies		—		21,866,887		—		21,866,887
U.S. Government Treasuries		—		1,342,152		—		1,342,152
Loans		—		597,870		—		597,870
Repurchase Agreement		—		5,270,000		—		5,270,000
Total Investments at Value	$	139,438,094	$	79,031,952	$	13	$	218,470,059

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Portfolio.

See Notes to Financial Statements

32

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO PROFILE — December 31, 2014 — (unaudited)

Industry Allocation*

Medical-Drugs	4.9	%
Computers	4.1
Applications Software	4.1
Medical-Biomedical/Gene	3.6
Diversified Banking Institutions	3.6
Banks-Super Regional	3.5
Commercial Services-Finance	3.4
Retail-Drug Store	3.4
Oil Companies-Integrated	3.4
Retail-Discount	2.9
Computer Services	2.6
Medical-HMO	2.5
Multimedia	2.5
Retail-Apparel/Shoe	2.4
Cosmetics & Toiletries	2.4
Oil Companies-Exploration & Production	2.1
Investment Management/Advisor Services	2.1
Electronic Components-Semiconductors	2.1
Electric-Integrated	2.0
Diversified Manufacturing Operations	1.9
Retail-Building Products	1.9
Repurchase Agreements	1.9
Beverages-Non-alcoholic	1.8
Insurance-Multi-line	1.8
Medical-Generic Drugs	1.7
Retail-Restaurants	1.5
Exchange-Traded Funds	1.5
E-Commerce/Services	1.5
Medical-Wholesale Drug Distribution	1.4
Food-Misc./Diversified	1.4
Apparel Manufacturers	1.3
Instruments-Controls	1.2
Insurance Brokers	1.2
Semiconductor Components-Integrated Circuits	1.2
Coatings/Paint	1.2
Tobacco	1.1
Networking Products	1.1
Telephone-Integrated	1.1
Chemicals-Diversified	1.0
Insurance-Life/Health	1.0
Containers-Metal/Glass	1.0
Web Portals/ISP	1.0
Oil-Field Services	1.0
Computer Software	0.9
Publishing-Periodicals	0.8
Medical Products	0.8
Medical Information Systems	0.8
Rental Auto/Equipment	0.8
Computers-Integrated Systems	0.8
Electric Products-Misc.	0.7
Aerospace/Defense	0.7
Consulting Services	0.7
Human Resources	0.6
Entertainment Software	0.6
Real Estate Investment Trusts	0.6
Transactional Software	0.6
Machinery-General Industrial	0.5
Banks-Commercial	0.3
Steel-Producers	0.3
	100.8%

* Calculated as a percentage of net assets

33

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Aerospace/Defense — 0.7%
TransDigm Group, Inc.		6,015	$	1,181,045
Apparel Manufacturers — 1.3%
Ralph Lauren Corp.		12,185		2,256,175
Applications Software — 4.1%
Intuit, Inc.		22,490		2,073,353
Microsoft Corp.		80,891		3,757,387
salesforce.com, Inc.†		19,680		1,167,221
				6,997,961
Banks-Commercial — 0.3%
Zions Bancorporation		19,555		557,513
Banks-Super Regional — 3.5%
PNC Financial Services Group, Inc.		26,460		2,413,946
Wells Fargo & Co.		65,835		3,609,074
				6,023,020
Beverages-Non-alcoholic — 1.8%
Monster Beverage Corp.†		28,935		3,135,107
Chemicals-Diversified — 1.0%
Dow Chemical Co.		38,875		1,773,089
Coatings/Paint — 1.2%
Sherwin-Williams Co.		7,985		2,100,374
Commercial Services-Finance — 3.4%
Automatic Data Processing, Inc.		26,950		2,246,821
Equifax, Inc.		21,450		1,734,662
MasterCard, Inc., Class A		21,670		1,867,087
				5,848,570
Computer Services — 2.6%
Accenture PLC, Class A		22,260		1,988,041
Cognizant Technology Solutions Corp., Class A†		23,883		1,257,679
Genpact, Ltd.†		67,650		1,280,614
				4,526,334
Computer Software — 0.9%
Akamai Technologies, Inc.†		23,380		1,472,005
Computers — 4.1%
Apple, Inc.		64,020		7,066,528
Computers-Integrated Systems — 0.8%
Jack Henry & Associates, Inc.		21,095		1,310,843
Consulting Services — 0.7%
Verisk Analytics, Inc., Class A†		17,370		1,112,549
Containers-Metal/Glass — 1.0%
Crown Holdings, Inc.†		33,920		1,726,528
Cosmetics & Toiletries — 2.4%
Coty, Inc., Class A		86,510		1,787,297
Estee Lauder Cos., Inc., Class A		30,270		2,306,574
				4,093,871
Diversified Banking Institutions — 3.6%
Citigroup, Inc.		41,635		2,252,870
JPMorgan Chase & Co.		62,125		3,887,782
				6,140,652
Diversified Manufacturing Operations — 1.9%
Dover Corp.		2,090		149,895
Eaton Corp. PLC		18,090		1,229,396

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Illinois Tool Works, Inc.		20,525	$	1,943,718
				3,323,009
E-Commerce/Services — 1.5%
Priceline Group, Inc.†		2,180		2,485,658
Electric Products-Misc. — 0.7%
AMETEK, Inc.		23,465		1,234,963
Electric-Integrated — 2.0%
American Electric Power Co., Inc.		27,425		1,665,246
NextEra Energy, Inc.		12,170		1,293,549
Pinnacle West Capital Corp.		7,880		538,283
				3,497,078
Electronic Components-Semiconductors — 2.1%
Freescale Semiconductor, Ltd.†		12,646		319,059
Intel Corp.		60,780		2,205,706
Micron Technology, Inc.†		29,613		1,036,751
				3,561,516
Entertainment Software — 0.6%
Activision Blizzard, Inc.		52,510		1,058,077
Food-Misc./Diversified — 1.4%
Mondelez International, Inc., Class A		65,290		2,371,659
Human Resources — 0.6%
Team Health Holdings, Inc.†		19,200		1,104,576
Instruments-Controls — 1.2%
Honeywell International, Inc.		21,310		2,129,295
Insurance Brokers — 1.2%
Aon PLC		22,400		2,124,192
Insurance-Life/Health — 1.0%
Prudential Financial, Inc.		19,205		1,737,284
Insurance-Multi-line — 1.8%
ACE, Ltd.		12,440		1,429,107
Hartford Financial Services Group, Inc.		26,670		1,111,872
MetLife, Inc.		10,115		547,121
				3,088,100
Investment Management/Advisor Services — 2.1%
Ameriprise Financial, Inc.		16,840		2,227,090
BlackRock, Inc.		3,790		1,355,152
				3,582,242
Machinery-General Industrial — 0.5%
Middleby Corp.†		8,770		869,107
Medical Information Systems — 0.8%
Cerner Corp.†		21,520		1,391,483
Medical Products — 0.8%
Zimmer Holdings, Inc.		12,645		1,434,196
Medical-Biomedical/Gene — 3.6%
Celgene Corp.†		11,810		1,321,067
Gilead Sciences, Inc.†		18,480		1,741,925
Regeneron Pharmaceuticals, Inc.†		3,730		1,530,232
Vertex Pharmaceuticals, Inc.†		13,040		1,549,152
				6,142,376
Medical-Drugs — 4.9%
Bristol-Myers Squibb Co.		52,420		3,094,353
Eli Lilly & Co.		28,510		1,966,905
Merck & Co., Inc.		58,870		3,343,227
				8,404,485

34

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Generic Drugs — 1.7%
Actavis PLC†		11,340	$	2,919,029
Medical-HMO — 2.5%
Aetna, Inc.		20,190		1,793,478
UnitedHealth Group, Inc.		24,805		2,507,537
				4,301,015
Medical-Wholesale Drug Distribution — 1.4%
McKesson Corp.		11,435		2,373,677
Multimedia — 2.5%
Time Warner, Inc.		23,630		2,018,475
Twenty-First Century Fox, Inc., Class A		59,300		2,277,416
				4,295,891
Networking Products — 1.1%
Cisco Systems, Inc.		68,351		1,901,183
Oil Companies-Exploration & Production — 2.1%
Anadarko Petroleum Corp.		19,055		1,572,038
EOG Resources, Inc.		14,790		1,361,715
Southwestern Energy Co.†		24,649		672,671
				3,606,424
Oil Companies-Integrated — 3.4%
Chevron Corp.		23,080		2,589,114
Exxon Mobil Corp.		23,630		2,184,594
Phillips 66		14,560		1,043,952
				5,817,660
Oil-Field Services — 1.0%
Baker Hughes, Inc.		8,220		460,895
Halliburton Co.		30,520		1,200,352
				1,661,247
Publishing-Periodicals — 0.8%
Nielsen NV		32,110		1,436,280
Real Estate Investment Trusts — 0.6%
American Capital Agency Corp.		45,510		993,483
Rental Auto/Equipment — 0.8%
Hertz Global Holdings, Inc.†		54,485		1,358,856
Retail-Apparel/Shoe — 2.4%
PVH Corp.		17,092		2,190,681
Ross Stores, Inc.		20,730		1,954,010
				4,144,691
Retail-Building Products — 1.9%
Lowe’s Cos., Inc.		47,610		3,275,568
Retail-Discount — 2.9%
Costco Wholesale Corp.		17,755		2,516,771
Dollar Tree, Inc.†		35,635		2,507,992
				5,024,763
Retail-Drug Store — 3.4%
CVS Health Corp.		37,225		3,585,140
Walgreens Boots Alliance, Inc.		29,555		2,252,091
				5,837,231
Retail-Restaurants — 1.5%
Starbucks Corp.		31,570		2,590,318

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Components-Integrated Circuits — 1.2%
QUALCOMM, Inc.		28,420		$	2,112,459
Steel-Producers — 0.3%
Reliance Steel & Aluminum Co.		8,380			513,443
Telecommunication Equipment — 0.0%
Nortel Networks Corp.†		147			1
Telephone-Integrated — 1.1%
AT&T, Inc.		55,380			1,860,214
Tobacco — 1.1%
Altria Group, Inc.		39,465			1,944,441
Transactional Software — 0.6%
Solera Holdings, Inc.		18,280			935,570
Web Portals/ISP — 1.0%
Google, Inc., Class C†		3,179			1,673,426
Total Common Stocks (cost $143,219,867)					167,438,330
EXCHANGE-TRADED FUNDS — 1.5%
SPDR S&P 500 ETF Trust (cost $2,591,247)		12,480			2,564,640
Total Long-Term Investment Securities (cost $145,811,114)					170,002,970
REPURCHASE AGREEMENTS — 1.9%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	580,000			580,000
Barclays Capital PLC Joint Repurchase Agreement(1)		755,000			755,000
BNP Paribas SA Joint Repurchase Agreement(1)		740,000			740,000
Deutsche Bank AG Joint Repurchase Agreement(1)		455,000			455,000
RBS Securities, Inc. Joint Repurchase Agreement(1)		740,000			740,000
Total Repurchase Agreements (cost $3,270,000)					3,270,000
TOTAL INVESTMENTS (cost $149,081,114)(2)		100.8	%		173,272,970
Liabilities in excess of other assets		(0.8	)		(1,338,276	)
NET ASSETS		100.0	%	$	171,934,694

† Non-income producing security

(1) See Note 2 for details of Joint Repurchase Agreements.

(2) See Note 6 for cost of investments on a tax basis.

ETF — Exchange-Traded Fund

35

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2014 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	167,438,330	$	—	$	—	$	167,438,330
Exchange-Traded Funds		2,564,640		—		—		2,564,640
Repurchase Agreements		—		3,270,000		—		3,270,000
Total Investments at Value	$	170,002,970	$	3,270,000	$	—	$	173,272,970

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

36

Anchor Series Trust Growth Portfolio

PORTFOLIO PROFILE — December 31, 2014 — (unaudited)

Industry Allocation*

Medical-Biomedical/Gene	6.7	%
Medical-Drugs	6.4
Oil Companies-Exploration & Production	4.6
Diversified Banking Institutions	2.5
Investment Management/Advisor Services	2.5
Applications Software	2.1
Transport-Services	2.1
Insurance-Life/Health	1.9
Computer Services	1.9
Insurance-Multi-line	1.8
Beverages-Non-alcoholic	1.8
Schools	1.7
Aerospace/Defense	1.7
Repurchase Agreements	1.7
Medical-HMO	1.6
Networking Products	1.6
Medical-Generic Drugs	1.6
Distribution/Wholesale	1.5
E-Commerce/Services	1.5
Commercial Services-Finance	1.5
Wire & Cable Products	1.5
Motorcycle/Motor Scooter	1.4
Insurance-Property/Casualty	1.4
Real Estate Investment Trusts	1.4
Banks-Commercial	1.3
Retail-Building Products	1.2
Banks-Super Regional	1.2
Retail-Discount	1.2
Retail-Apparel/Shoe	1.2
Web Portals/ISP	1.1
Casino Hotels	1.1
Retail-Major Department Stores	1.0
Retail-Auto Parts	1.0
Entertainment Software	1.0
Retail-Automobile	1.0
Internet Content-Entertainment	1.0
Computers	1.0
Transport-Rail	1.0
Computer Software	0.9
Oil Companies-Integrated	0.9
Office Furnishings-Original	0.9
E-Services/Consulting	0.9
Electric-Integrated	0.9
Industrial Gases	0.9
Building-Residential/Commercial	0.9
Web Hosting/Design	0.8
Exchange-Traded Funds	0.8
Electronic Connectors	0.7
Oil-Field Services	0.7
Insurance Brokers	0.7
Medical-Wholesale Drug Distribution	0.7
Retail-Restaurants	0.7
Electric Products-Misc.	0.7
Medical Information Systems	0.7
Finance-Consumer Loans	0.7
Internet Security	0.7
Oil Field Machinery & Equipment	0.7
Tobacco	0.6
Medical Instruments	0.6
Brewery	0.6
Chemicals-Diversified	0.6

Internet Content-Information/News	0.6	%
Medical Products	0.6
Containers-Paper/Plastic	0.6
Medical-Hospitals	0.5
Financial Guarantee Insurance	0.5
Electronic Measurement Instruments	0.5
Retail-Arts & Crafts	0.5
Television	0.5
Steel-Producers	0.5
Internet Infrastructure Software	0.4
Human Resources	0.4
Diversified Manufacturing Operations	0.4
Oil & Gas Drilling	0.4
Computers-Memory Devices	0.4
Wireless Equipment	0.3
Banks-Fiduciary	0.3
Appliances	0.3
Retail-Computer Equipment	0.3
Cellular Telecom	0.3
Multimedia	0.3
Electronic Components-Semiconductors	0.3
Oil Refining & Marketing	0.3
Finance-Investment Banker/Broker	0.3
Real Estate Management/Services	0.3
Semiconductor Components-Integrated Circuits	0.3
Airlines	0.2
Retail-Vitamins & Nutrition Supplements	0.2
Food-Confectionery	0.2
Cruise Lines	0.2
Metal-Diversified	0.2
Gas-Transportation	0.2
Power Converter/Supply Equipment	0.2
Finance-Credit Card	0.2
Cable/Satellite TV	0.2
Containers-Metal/Glass	0.2
Computers-Integrated Systems	0.2
Telecommunication Equipment	0.2
Beverages-Wine/Spirits	0.2
Chemicals-Specialty	0.2
Diversified Financial Services	0.1
Non-Ferrous Metals	0.1
Steel-Specialty	0.1
	100.2	%

* Calculated as a percentage of net assets

37

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.7%
Aerospace/Defense — 1.7%
Lockheed Martin Corp.		26,526	$	5,108,112
Northrop Grumman Corp.		33,259		4,902,044
Raytheon Co.		10,800		1,168,236
				11,178,392
Airlines — 0.2%
United Continental Holdings, Inc.†		24,243		1,621,614
Appliances — 0.3%
Electrolux AB, Series B(1)		68,676		2,015,041
Applications Software — 2.1%
Intuit, Inc.		57,883		5,336,234
Microsoft Corp.		111,620		5,184,749
Verint Systems, Inc.†		57,800		3,368,584
				13,889,567
Banks-Commercial — 1.3%
First Republic Bank		55,259		2,880,099
M&T Bank Corp.		38,360		4,818,783
South State Corp.		12,900		865,332
				8,564,214
Banks-Fiduciary — 0.3%
Northern Trust Corp.		30,765		2,073,561
Banks-Super Regional — 1.2%
PNC Financial Services Group, Inc.		87,003		7,937,284
Beverages-Non-alcoholic — 1.8%
Coca-Cola Co.		128,512		5,425,777
Monster Beverage Corp.†		56,969		6,172,591
				11,598,368
Beverages-Wine/Spirits — 0.2%
Treasury Wine Estates, Ltd.(1)		261,427		1,016,988
Brewery — 0.6%
Anheuser-Busch InBev NV ADR		34,930		3,923,338
Building-Residential/Commercial — 0.9%
D.R. Horton, Inc.		191,175		4,834,816
Lennar Corp., Class A		16,745		750,343
				5,585,159
Cable/Satellite TV — 0.2%
DIRECTV†		13,325		1,155,277
Casino Hotels — 1.1%
Las Vegas Sands Corp.		103,950		6,045,732
Sands China, Ltd.(1)		160,400		781,176
				6,826,908
Cellular Telecom — 0.3%
NTT DOCOMO, Inc.(1)		132,200		1,935,163
Chemicals-Diversified — 0.6%
Celanese Corp., Series A		45,255		2,713,490
Huntsman Corp.		50,400		1,148,112
				3,861,602
Chemicals-Specialty — 0.2%
Cabot Corp.		22,400		982,464
Commercial Services-Finance — 1.5%
Automatic Data Processing, Inc.		56,665		4,724,161
Equifax, Inc.		60,931		4,927,490
				9,651,651

Security Description	Shares		Value (Note 2)
Computer Services — 1.9%
Accenture PLC, Class A		58,983	$	5,267,772
Cognizant Technology Solutions Corp., Class A†		69,295		3,649,075
IGATE Corp.†		78,305		3,091,481
				12,008,328
Computer Software — 0.9%
Akamai Technologies, Inc.†		97,669		6,149,240
Computers — 1.0%
Apple, Inc.		57,970		6,398,729
Computers-Integrated Systems — 0.2%
Teradata Corp.†		25,720		1,123,450
Computers-Memory Devices — 0.4%
EMC Corp.		77,015		2,290,426
Containers-Metal/Glass — 0.2%
Constellium NV, Class A†		68,900		1,132,027
Containers-Paper/Plastic — 0.6%
Packaging Corp. of America		46,280		3,612,154
Cruise Lines — 0.2%
Norwegian Cruise Line Holdings, Ltd.†		31,910		1,492,112
Distribution/Wholesale — 1.5%
Fossil Group, Inc.†		32,200		3,565,828
Rexel SA(1)		53,341		952,502
WESCO International, Inc.†		69,880		5,325,555
				9,843,885
Diversified Banking Institutions — 2.5%
Citigroup, Inc.		78,800		4,263,868
Goldman Sachs Group, Inc.		8,815		1,708,611
JPMorgan Chase & Co.		164,825		10,314,749
				16,287,228
Diversified Financial Services — 0.1%
Julius Baer Group, Ltd.(1)		18,758		856,022
Diversified Manufacturing Operations — 0.4%
Eaton Corp. PLC		23,100		1,569,876
Sulzer AG(1)		7,434		789,768
				2,359,644
E-Commerce/Services — 1.5%
Netflix, Inc.†		7,090		2,422,015
Priceline Group, Inc.†		3,400		3,876,714
TripAdvisor, Inc.†		46,509		3,472,362
				9,771,091
E-Services/Consulting — 0.9%
CDW Corp.		170,559		5,998,560
Electric Products-Misc. — 0.7%
AMETEK, Inc.		84,396		4,441,761
Electric-Integrated — 0.9%
PG&E Corp.		43,180		2,298,903
Xcel Energy, Inc.		102,925		3,697,066
				5,995,969
Electronic Components-Semiconductors — 0.3%
Microsemi Corp.†		64,390		1,827,388
Electronic Connectors — 0.7%
Amphenol Corp., Class A		89,495		4,815,726
Electronic Measurement Instruments — 0.5%
Trimble Navigation, Ltd.†		129,395		3,434,143

38

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Entertainment Software — 1.0%
Activision Blizzard, Inc.		328,730	$	6,623,909
Finance-Consumer Loans — 0.7%
PRA Group, Inc.†		76,000		4,402,680
Finance-Credit Card — 0.2%
Visa, Inc., Class A		4,615		1,210,053
Finance-Investment Banker/Broker — 0.3%
Raymond James Financial, Inc.		30,000		1,718,700
Financial Guarantee Insurance — 0.5%
Assured Guaranty, Ltd.		133,008		3,456,878
Food-Confectionery — 0.2%
Hershey Co.		15,009		1,559,885
Gas-Transportation — 0.2%
Snam SpA(1)		275,739		1,360,255
Human Resources — 0.4%
ManpowerGroup, Inc.		34,800		2,372,316
Industrial Gases — 0.9%
Praxair, Inc.		44,014		5,702,454
Insurance Brokers — 0.7%
Marsh & McLennan Cos., Inc.		83,123		4,757,961
Insurance-Life/Health — 1.9%
Lincoln National Corp.		91,790		5,293,529
Principal Financial Group, Inc.		70,800		3,677,352
Prudential Financial, Inc.		24,195		2,188,680
Unum Group		30,400		1,060,352
				12,219,913
Insurance-Multi-line — 1.8%
ACE, Ltd.		47,402		5,445,542
MetLife, Inc.		118,305		6,399,117
				11,844,659
Insurance-Property/Casualty — 1.4%
Fairfax Financial Holdings, Ltd.		7,689		4,029,015
Markel Corp.†		6,989		4,772,369
				8,801,384
Internet Content-Entertainment — 1.0%
Facebook, Inc., Class A†		43,495		3,393,480
Pandora Media, Inc.†		170,943		3,047,914
				6,441,394
Internet Content-Information/News — 0.6%
Yelp, Inc.†		68,215		3,733,407
Internet Infrastructure Software — 0.4%
F5 Networks, Inc.†		19,554		2,551,113
Internet Security — 0.7%
VeriSign, Inc.†		77,212		4,401,084
Investment Management/Advisor Services — 2.5%
Ameriprise Financial, Inc.		23,745		3,140,276
BlackRock, Inc.		13,195		4,718,004
Legg Mason, Inc.		16,000		853,920
Waddell & Reed Financial, Inc., Class A		148,269		7,386,762
				16,098,962
Medical Information Systems — 0.7%
Everyday Health, Inc.†		30,474		449,491
IMS Health Holdings, Inc.†		154,806		3,969,226
				4,418,717

Security Description	Shares		Value (Note 2)
Medical Instruments — 0.6%
Medtronic, Inc.		55,131	$	3,980,458
Medical Products — 0.6%
Becton Dickinson and Co.		26,285		3,657,821
Medical-Biomedical/Gene — 6.7%
Amgen, Inc.		18,660		2,972,351
Biogen Idec, Inc.†		21,560		7,318,542
Celgene Corp.†		33,500		3,747,310
Gilead Sciences, Inc.†		45,595		4,297,785
Incyte Corp.†		78,359		5,728,827
Medivation, Inc.†		87,519		8,717,768
Regeneron Pharmaceuticals, Inc.†		12,505		5,130,176
Vertex Pharmaceuticals, Inc.†		43,369		5,152,237
				43,064,996
Medical-Drugs — 6.4%
Almirall SA†(1)		47,428		783,891
AstraZeneca PLC ADR		16,000		1,126,080
Bristol-Myers Squibb Co.		280,978		16,586,131
Johnson & Johnson		37,550		3,926,603
Merck & Co., Inc.		245,314		13,931,382
Roche Holding AG(1)		13,542		3,670,430
TESARO, Inc.†		29,300		1,089,667
				41,114,184
Medical-Generic Drugs — 1.6%
Actavis PLC†		39,585		10,189,575
Medical-HMO — 1.6%
Aetna, Inc.		21,850		1,940,936
Anthem, Inc.		23,670		2,974,609
UnitedHealth Group, Inc.		54,893		5,549,133
				10,464,678
Medical-Hospitals — 0.5%
Universal Health Services, Inc., Class B		32,030		3,563,658
Medical-Wholesale Drug Distribution — 0.7%
Cardinal Health, Inc.		58,125		4,692,431
Metal-Diversified — 0.2%
Rio Tinto PLC ADR		29,945		1,379,267
Motorcycle/Motor Scooter — 1.4%
Harley-Davidson, Inc.		135,921		8,958,553
Multimedia — 0.3%
Quebecor, Inc., Class B		69,700		1,916,180
Networking Products — 1.6%
Cisco Systems, Inc.		375,315		10,439,387
Non-Ferrous Metals — 0.1%
Cameco Corp.		50,700		831,326
Office Furnishings-Original — 0.9%
Herman Miller, Inc.		119,825		3,526,450
Knoll, Inc.		119,500		2,529,815
				6,056,265
Oil & Gas Drilling — 0.4%
Atwood Oceanics, Inc.†		82,823		2,349,689
Oil Companies-Exploration & Production — 4.6%
Anadarko Petroleum Corp.		29,675		2,448,188
BG Group PLC(1)		326,272		4,342,919
Cabot Oil & Gas Corp.		168,310		4,983,659
Canadian Natural Resources, Ltd.		52,165		1,610,855

39

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production(continued)
Chesapeake Energy Corp.		142,400	$	2,786,768
Cobalt International Energy, Inc.†		103,700		921,893
Continental Resources, Inc.†		58,000		2,224,880
EQT Corp.		37,079		2,806,880
Pioneer Natural Resources Co.		30,076		4,476,813
QEP Resources, Inc.		37,065		749,454
Southwestern Energy Co.†		78,865		2,152,226
				29,504,535
Oil Companies-Integrated — 0.9%
Chevron Corp.		17,465		1,959,224
Imperial Oil, Ltd.		96,739		4,162,679
				6,121,903
Oil Field Machinery & Equipment — 0.7%
Cameron International Corp.†		37,390		1,867,630
National Oilwell Varco, Inc.		36,905		2,418,385
				4,286,015
Oil Refining & Marketing — 0.3%
HollyFrontier Corp.		47,750		1,789,670
Oil-Field Services — 0.7%
Halliburton Co.		108,355		4,261,602
Trican Well Service, Ltd.		113,200		542,713
				4,804,315
Power Converter/Supply Equipment — 0.2%
Generac Holdings, Inc.†		27,140		1,269,066
Real Estate Investment Trusts — 1.4%
AvalonBay Communities, Inc.		16,595		2,711,457
Boston Properties, Inc.		17,370		2,235,345
Columbia Property Trust, Inc.		61,100		1,548,885
Plum Creek Timber Co., Inc.		24,120		1,032,095
Weyerhaeuser Co.		35,045		1,257,765
				8,785,547
Real Estate Management/Services — 0.3%
Realogy Holdings Corp.†		37,625		1,673,936
Retail-Apparel/Shoe — 1.2%
L Brands, Inc.		35,599		3,081,094
PVH Corp.		24,736		3,170,413
Vera Bradley, Inc.†		60,585		1,234,722
				7,486,229
Retail-Arts & Crafts — 0.5%
Michaels Cos., Inc.†		137,200		3,392,956
Retail-Auto Parts — 1.0%
Advance Auto Parts, Inc.		42,047		6,697,246
Retail-Automobile — 1.0%
CarMax, Inc.†		98,340		6,547,477
Retail-Building Products — 1.2%
Home Depot, Inc.		20,960		2,200,171
Lowe’s Cos., Inc.		84,780		5,832,864
				8,033,035
Retail-Computer Equipment — 0.3%
GameStop Corp., Class A		58,900		1,990,820
Retail-Discount — 1.2%
Dollar Tree, Inc.†		48,875		3,439,822
Wal-Mart Stores, Inc.		48,100		4,130,828
				7,570,650

Security Description	Shares/ Principal Amount		Value (Note 2)
Retail-Major Department Stores — 1.0%
TJX Cos., Inc.		98,203	$	6,734,762
Retail-Restaurants — 0.7%
McDonald’s Corp.		48,240		4,520,088
Retail-Vitamins & Nutrition Supplements — 0.2%
GNC Holdings, Inc., Class A		33,325		1,564,942
Schools — 1.7%
American Public Education, Inc.†		165,725		6,110,281
Grand Canyon Education, Inc.†		110,524		5,157,050
				11,267,331
Semiconductor Components-Integrated Circuits — 0.3%
Maxim Integrated Products, Inc.		51,960		1,655,965
Steel-Producers — 0.5%
Reliance Steel & Aluminum Co.		50,400		3,088,008
Steel-Specialty — 0.1%
Allegheny Technologies, Inc.		12,600		438,102
Telecommunication Equipment — 0.2%
ARRIS Group, Inc.†		35,400		1,068,726
Television — 0.5%
CBS Corp., Class B		56,845		3,145,802
Tobacco — 0.6%
Imperial Tobacco Group PLC(1)		91,827		4,021,393
Transport-Rail — 1.0%
Canadian National Railway Co.		62,154		4,283,032
Norfolk Southern Corp.		17,300		1,896,253
				6,179,285
Transport-Services — 2.1%
FedEx Corp.		27,750		4,819,065
United Parcel Service, Inc., Class B		80,193		8,915,056
				13,734,121
Web Hosting/Design — 0.8%
Web.com Group, Inc.†		280,524		5,327,151
Web Portals/ISP — 1.1%
Google, Inc., Class A†		5,300		2,812,498
Google, Inc., Class C†		8,185		4,308,584
				7,121,082
Wire & Cable Products — 1.5%
Belden, Inc.		119,152		9,390,369
Wireless Equipment — 0.3%
Motorola Solutions, Inc.		32,949		2,210,219
Total Common Stocks (cost $598,362,233)				631,409,412
EXCHANGE-TRADED FUNDS — 0.8%
Vanguard S&P 500 ETF (cost $5,002,103)		26,849		5,059,694
Total Long-Term Investment Securities (cost $603,364,336)				636,469,106
REPURCHASE AGREEMENTS — 1.7%
Bank of America Securities LLC Joint Repurchase Agreement(2)	$	1,940,000		1,940,000
Barclays Capital PLC Joint Repurchase Agreement(2)		2,490,000		2,490,000
BNP Paribas SA Joint Repurchase Agreement(2)		2,485,000		2,485,000

40

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Deutsche Bank AG Joint Repurchase Agreement(2)	$	1,530,000		$	1,530,000
RBS Securities, Inc. Joint Repurchase Agreement(2)		2,485,000			2,485,000
Total Repurchase Agreements (cost $10,930,000)					10,930,000
TOTAL INVESTMENTS (cost $614,294,336)(3)		100.2	%		647,399,106
Liabilities in excess of other assets		(0.2	)		(1,170,954	)
NET ASSETS		100.0	%	$	646,228,152

† Non-income producing security

(1) Security was valued using fair value procedures at December 31, 2014. The aggregate value of these securities was $22,525,548 representing 3.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) See Note 2 for details of Joint Repurchase Agreements.

(3) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

ETF — Exchange-Traded Fund

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2014 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Appliances	$	—	$	2,015,041	$	—	$	2,015,041
Beverages-Wine/Spirits		—		1,016,988		—		1,016,988
Casino Hotels		6,045,732		781,176		—		6,826,908
Cellular Telecom		—		1,935,163		—		1,935,163
Distribution/Wholesale		8,891,383		952,502		—		9,843,885
Diversified Financial Services		—		856,022		—		856,022
Diversified Manufacturing Operations		1,569,876		789,768		—		2,359,644
Gas-Transportation		—		1,360,255		—		1,360,255
Medical-Drugs		36,659,863		4,454,321		—		41,114,184
Oil Companies-Exploration & Production		25,161,616		4,342,919		—		29,504,535
Tobacco		—		4,021,393		—		4,021,393
Other Industries		530,555,394		—		—		530,555,394
Exchange-Traded Funds		5,059,694		—		—		5,059,694
Repurchase Agreements		—		10,930,000		—		10,930,000
Total Investments at Value	$	613,943,558	$	33,455,548	$	—	$	647,399,106

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

41

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO PROFILE — December 31, 2014 — (unaudited)

Industry Allocation*

Computers	9.3	%
Medical-Biomedical/Gene	5.4
E-Commerce/Products	5.4
Retail-Restaurants	3.9
E-Commerce/Services	3.8
Medical-Drugs	3.5
Internet Content-Entertainment	3.1
Electric Products-Misc.	2.9
Distribution/Wholesale	2.7
Retail-Building Products	2.6
Diversified Manufacturing Operations	2.1
Medical-Generic Drugs	2.1
Retail-Apparel/Shoe	2.0
Oil Companies-Exploration & Production	2.0
Repurchase Agreements	1.9
Industrial Audio & Video Products	1.9
Semiconductor Components-Integrated Circuits	1.9
Medical Instruments	1.7
Retail-Auto Parts	1.7
Computer Software	1.5
Appliances	1.5
Enterprise Software/Service	1.5
Airlines	1.4
Electronic Components-Semiconductors	1.4
Chemicals-Specialty	1.4
Web Portals/ISP	1.3
Motorcycle/Motor Scooter	1.3
Lighting Products & Systems	1.2
Internet Infrastructure Software	1.2
Medical Information Systems	1.2
Industrial Automated/Robotic	1.1
Beverages-Non-alcoholic	1.1
Food-Retail	1.1
Computer Services	1.1
Power Converter/Supply Equipment	1.1
Web Hosting/Design	1.1
Medical Products	1.1
Multimedia	1.0
Real Estate Investment Trusts	1.0
Transport-Services	1.0
Hotels/Motels	1.0
Oil-Field Services	1.0
Investment Management/Advisor Services	1.0
Brewery	1.0
Networking Products	1.0
Physicians Practice Management	0.9
Transport-Rail	0.9
Audio/Video Products	0.9
Building Products-Cement	0.9
Heart Monitors	0.9
Diversified Financial Services	0.9
Electronic Design Automation	0.9
Internet Content-Information/News	0.8
Hazardous Waste Disposal	0.7
Satellite Telecom	0.7
Entertainment Software	0.7
Applications Software	0.5
Data Processing/Management	0.3
Electronic Forms	0.2
Computers-Memory Devices	0.2
	100.9	%

* Calculated as a percentage of net assets

42

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.3%
Airlines — 1.4%
Spirit Airlines, Inc.†		255,982	$	19,347,120
Appliances — 1.5%
Whirlpool Corp.		105,658		20,470,181
Applications Software — 0.5%
New Relic, Inc.†(3)(4)		78,897		2,748,772
ServiceNow, Inc.†		56,631		3,842,414
				6,591,186
Audio/Video Products — 0.9%
Harman International Industries, Inc.		118,193		12,612,375
Beverages-Non-alcoholic — 1.1%
Monster Beverage Corp.†		137,362		14,883,173
Brewery — 1.0%
Anheuser-Busch InBev NV ADR		122,126		13,717,192
Building Products-Cement — 0.9%
Eagle Materials, Inc.		159,528		12,128,914
Chemicals-Specialty — 1.4%
Platform Specialty Products Corp.†(3)(4)		819,382		19,026,050
Computer Services — 1.1%
IHS, Inc., Class A†		129,563		14,754,634
Computer Software — 1.5%
Akamai Technologies, Inc.†		330,647		20,817,535
Computers — 9.3%
Apple, Inc.		1,140,255		125,861,347
Distribution/Wholesale — 2.7%
Fastenal Co.		448,357		21,323,859
HD Supply Holdings, Inc.†		515,434		15,200,149
				36,524,008
Diversified Financial Services — 0.9%
Julius Baer Group, Ltd.(2)		259,793		11,855,665
Diversified Manufacturing Operations — 2.1%
Danaher Corp.		166,892		14,304,313
Textron, Inc.		345,876		14,564,839
				28,869,152
E-Commerce/Products — 4.9%
Alibaba Group Holding, Ltd. ADR†		172,644		17,944,617
Amazon.com, Inc.†		109,088		33,855,461
Honest Company, Inc.†(1)(3)(4)		41,843		1,142,314
zulily, Inc., Class A†		563,931		13,195,986
				66,138,378
E-Commerce/Services — 2.3%
Netflix, Inc.†		51,280		17,517,761
TripAdvisor, Inc.†		92,379		6,897,016
Zillow, Inc., Class A†		58,124		6,154,750
				30,569,527
Electric Products-Misc. — 2.9%
Mobileye NV†(3)(4)(7)		981,110		39,793,822
Electronic Components-Semiconductors — 1.4%
First Solar, Inc.†		275,206		12,272,812
SunEdison, Inc.†		349,577		6,820,247
				19,093,059
Electronic Design Automation — 0.9%
Cadence Design Systems, Inc.†		617,120		11,706,766

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 1.5%
Tyler Technologies, Inc.†		102,512	$	11,218,914
Veeva Systems, Inc., Class A†		346,798		9,158,935
				20,377,849
Entertainment Software — 0.7%
Activision Blizzard, Inc.		454,164		9,151,405
Food-Retail — 1.1%
Whole Foods Market, Inc.		294,982		14,872,992
Hazardous Waste Disposal — 0.7%
Clean Harbors, Inc.†		208,465		10,016,743
Heart Monitors — 0.9%
HeartWare International, Inc.†		163,201		11,983,849
Hotels/Motels — 1.0%
Hilton Worldwide Holdings, Inc.†		532,812		13,901,065
Industrial Audio & Video Products — 1.9%
GoPro, Inc., Class A†		245,985		15,551,172
Imax Corp.†		334,456		10,334,690
				25,885,862
Industrial Automated/Robotic — 1.1%
Cognex Corp.†		368,806		15,242,752
Internet Content-Entertainment — 3.1%
Facebook, Inc., Class A†		543,253		42,384,599
Internet Content-Information/News — 0.8%
Yelp, Inc.†		188,456		10,314,197
Internet Infrastructure Software — 1.2%
F5 Networks, Inc.†		127,428		16,624,894
Investment Management/Advisor Services — 1.0%
BlackRock, Inc.		38,523		13,774,284
Lighting Products & Systems — 1.2%
Acuity Brands, Inc.		120,706		16,907,289
Medical Information Systems — 1.2%
Cerner Corp.†		243,578		15,749,754
Medical Instruments — 1.7%
DexCom, Inc.†		424,946		23,393,277
Medical Products — 1.1%
Becton Dickinson and Co.		104,170		14,496,297
Medical-Biomedical/Gene — 5.4%
Celgene Corp.†		216,513		24,219,144
Gilead Sciences, Inc.†		245,679		23,157,703
Incyte Corp.†		114,336		8,359,105
Regeneron Pharmaceuticals, Inc.†		42,836		17,573,469
				73,309,421
Medical-Drugs — 3.5%
AstraZeneca PLC(2)		153,221		10,778,432
Bristol-Myers Squibb Co.		543,729		32,096,323
H. Lundbeck A/S(2)		155,853		3,099,467
Regulus Therapeutics, Inc.†		102,631		1,646,201
				47,620,423
Medical-Generic Drugs — 2.1%
Actavis PLC†		108,804		28,007,238
Motorcycle/Motor Scooter — 1.3%
Harley-Davidson, Inc.		274,795		18,111,738
Multimedia — 1.0%
Twenty-First Century Fox, Inc., Class A		370,510		14,229,437

43

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Networking Products — 1.0%
Arista Networks, Inc.†		216,262	$	13,140,079
Oil Companies-Exploration & Production — 2.0%
Energen Corp.		151,831		9,680,745
Pioneer Natural Resources Co.		118,086		17,577,101
				27,257,846
Oil-Field Services — 1.0%
Halliburton Co.		351,168		13,811,437
Physicians Practice Management — 0.9%
Envision Healthcare Holdings, Inc.†		364,560		12,646,586
Power Converter/Supply Equipment — 1.1%
Generac Holdings, Inc.†		311,472		14,564,431
Real Estate Investment Trusts — 1.0%
Paramount Group, Inc.†		751,487		13,970,143
Retail-Apparel/Shoe — 2.0%
Kate Spade & Co.†		502,119		16,072,829
Ross Stores, Inc.		122,437		11,540,912
				27,613,741
Retail-Auto Parts — 1.7%
Advance Auto Parts, Inc.		143,379		22,837,407
Retail-Building Products — 2.6%
Lowe’s Cos., Inc.		505,456		34,775,373
Retail-Restaurants — 3.9%
Chipotle Mexican Grill, Inc.†		28,583		19,565,349
Panera Bread Co., Class A†		109,883		19,207,548
Starbucks Corp.		173,429		14,229,850
				53,002,747
Satellite Telecom — 0.7%
DigitalGlobe, Inc.†		313,425		9,706,772
Semiconductor Components-Integrated Circuits — 1.9%
NXP Semiconductor NV†		338,049		25,826,944
Transport-Rail — 0.9%
Kansas City Southern		103,572		12,638,891
Transport-Services — 1.0%
FedEx Corp.		80,405		13,963,132
Web Hosting/Design — 1.1%
Equinix, Inc.		64,029		14,517,295
Web Portals/ISP — 1.3%
Dropbox, Inc.†(1)(3)(4)		313,518		5,988,570
Google, Inc., Class C†		23,161		12,191,950
				18,180,520
Total Common Stocks (cost $1,080,480,361)				1,309,568,793

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 2.7%
Computers-Memory Devices — 0.2%
Pure Storage, Inc. Series F†(1)(3)(4)		177,438		$	2,790,372
Data Processing/Management — 0.3%
Cloudera, Inc. Series F†(1)(3)(4)		129,662			3,943,540
E-Commerce/Products — 0.5%
Honest Company, Inc., Series C†(1)(3)(4)		97,634			2,665,408
One Kings Lane, Inc., Series E†(1)(3)(4)		291,563			4,320,964
					6,986,372
E-Commerce/Services — 1.5%
Uber Technologies, Inc., Series D†(1)(3)(4)		599,808			19,984,148
Electronic Forms — 0.2%
Docusign, Inc., Series B†(1)(3)(4)		8,662			140,844
Docusign, Inc., Series B-1†(1)(3)(4)		2,594			42,179
Docusign, Inc., Series D†(1)(3)(4)		6,224			101,202
Docusign, Inc., Series E†(1)(3)(4)		160,967			2,617,323
					2,901,548
Total Convertible Preferred Securities (cost $23,463,279)					36,605,980
Total Long-Term Investment Securities (cost $1,103,943,640)					1,346,174,773
REPURCHASE AGREEMENTS — 1.9%
Bank of America Securities LLC Joint Repurchase Agreement(5)	$	4,705,000			4,705,000
Barclays Capital PLC Joint Repurchase Agreement(5)		6,040,000			6,040,000
BNP Paribas SA Joint Repurchase Agreement(5)		6,030,000			6,030,000
Deutsche Bank AG Joint Repurchase Agreement(5)		3,720,000			3,720,000
RBS Securities, Inc. Joint Repurchase Agreement(5)		6,030,000			6,030,000
Total Repurchase Agreements (cost $26,525,000)					26,525,000
TOTAL INVESTMENTS (cost $1,130,468,640)(6)		100.9	%		1,372,699,773
Liabilities in excess of other assets		(0.9	)		(12,504,580	)
NET ASSETS		100.0	%	$	1,360,195,193

† Non-income producing security

(1) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(2) Security was valued using fair value procedures at December 31, 2014. The aggregate value of these securities was $25,733,564 representing 1.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

44

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of December 31, 2014, the Portfolio held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Dropbox, Inc.		05/01/2012		313,518	$	2,837,872	$	5,988,570	$	19.10		0.4	%
Honest Company, Inc.		08/20/2014		41,843		1,132,159		1,142,314		27.30		0.1
Mobileye NV		08/13/2013		981,110		6,848,148		39,793,822		40.56		2.9
New Relic, Inc.		04/16/2014		78,897		2,203,495		2,748,772		34.84		0.2
Platform Specialty Products Corp.		10/03/2014		819,382		16,867,548		19,026,050		23.22		1.4
Convertible Preferred Securities
Cloudera, Inc., Series F		02/05/2014		129,662		1,887,879		3,943,540		30.41		0.3
Docusign, Inc., Series B		02/28/2014		8,662		113,753		140,844		16.26		0.0
Docusign, Inc., Series B-1		02/28/2014		2,594		34,065		42,179		16.26		0.0
Docusign, Inc., Series D		02/28/2014		6,224		81,736		101,202		16.26		0.0
Docusign, Inc., Series E		02/28/2014		160,967		2,113,883		2,617,323		16.26		0.2
Honest Company, Inc., Series C		08/20/2014		97,634		2,641,712		2,665,408		27.30		0.2
One Kings Lane, Inc., Series E		01/28/2014		291,563		4,495,027		4,320,964		14.82		0.3

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Pure Storage, Inc., Series F		04/16/2014		177,438	$	2,790,372	$	2,790,372	$	15.73		0.2	%
Uber Technologies, Inc., Series D		06/05/2014		599,808		9,304,851		19,984,148		33.32		1.5
							$	105,305,508				7.7	%

(4) Illiquid security. At December 31, 2014, the aggregate value of these securities was $105,305,508 representing 7.7% of net assets.

(5) See Note 2 for details of Joint Repurchase Agreements.

(6) See Note 6 for cost of investments on a tax basis.

(7) Fair Valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2.

ADR — American Depository Receipt

45

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2014 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Diversified Financial Services	$	—	$	11,855,665	$	—	$	11,855,665
E-Commerce/Products		64,996,064		—		1,142,314		66,138,378
Electric Products-Misc.		—		39,793,822		—		39,793,822
Medical-Drugs		33,742,524		13,877,899		—		47,620,423
Web Portals/ISP		12,191,950		—		5,988,570		18,180,520
Other Industries		1,125,979,985		—		—		1,125,979,985
Convertible Preferred Securities		—		—		36,605,980		36,605,980
Repurchase Agreements		—		26,525,000		—		26,525,000
Total Investments at Value	$	1,236,910,523	$	92,052,386	$	43,736,864	$	1,372,699,773

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Common Stocks			Convertible Preferred Securities			Warrants
Balance as of 12/31/2013	$	4,162,978		$	7,631,074		$	367,882
Accrued discounts		—			—			—
Accrued premiums		—			—			—
Realized gain		395,228			—			—
Realized loss		—			—			—
Change in unrealized appreciation(1)		2,193,525			13,316,764			—
Change in unrealized depreciation(1)		—			(956,989	)		(363,463	)
Net purchases		1,132,159			30,311,427			—
Net sales		(753,006	)		(13,696,296	)		(4,419	)
Transfers in of Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of 12/31/2014	$	7,130,884		$	36,605,980		$	—

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at December 31, 2014 includes:

Common Stocks		Convertible Preferred Securities		Warrants
$	2,193,525	$	13,142,701	$	—

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at December 31, 2014.

46

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

The following is quantitative information about Level 3 fair value measurements:

Description	Fair Value at 12/31/14	Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stock	$5,988,570	Market Approach	Market Transaction Price*	$19.1012
	$1,142,314	Market Approach	2015 Estimate Revenue Multiple*	2.8x
			Discount for Lack of Marketability	10.00%
Convertible Preferred Securities	$26,718,060	Market Approach	Market Transaction Price*	$15.72590 - $33.31758 ($27.46787)
	$5,566,956	Market Approach	2015 Estimate Revenue Multiple*	2.8 - 9.12x (7.856x)
			Discount for Lack of Marketability	10.00%
	$4,320,964	Market Approach with Option Pricing Method (“OPM”)	Last Twelve Months Revenue Multiple*	1.50x
			Discount for Lack of Marketability	10.0%
			OPM assumptions:
			Volatility*	50.0%
			Term to liquidity event in years	1.9
			Risk-free rate	0.6888%

(1) The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship.

See Notes to Financial Statements

47

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO PROFILE — December 31, 2014 — (unaudited)

Industry Allocation*

Oil Companies-Integrated	22.5	%
Oil Companies-Exploration & Production	21.9
Metal-Diversified	8.9
Oil-Field Services	5.9
Diversified Minerals	4.7
Repurchase Agreements	3.7
Pipelines	3.3
Machinery-Construction & Mining	3.3
Gold Mining	3.0
Engineering/R&D Services	2.1
Agricultural Chemicals	2.0
Metal-Copper	2.0
Recycling	1.8
Steel-Producers	1.7
Metal-Iron	1.6
Chemicals-Diversified	1.3
Coal	1.1
Rubber & Vinyl	1.1
Electronic Components-Semiconductors	1.0
Oil Field Machinery & Equipment	1.0
	93.9	%

* Calculated as a percentage of net assets

48

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 89.9%
Agricultural Chemicals — 2.0%
Mosaic Co.		92,071	$	4,203,041
Chemicals-Diversified — 1.3%
LyondellBasell Industries NV, Class A		32,681		2,594,545
Coal — 1.1%
Mongolian Mining Corp.†(1)		50,768,300		2,212,563
Diversified Minerals — 4.7%
Anglo American PLC(1)		169,999		3,145,313
BHP Billiton PLC(1)		301,341		6,445,627
				9,590,940
Electronic Components-Semiconductors — 1.0%
First Solar, Inc.†		47,649		2,124,907
Engineering/R&D Services — 2.1%
KBR, Inc.		258,216		4,376,761
Gold Mining — 3.0%
Alamos Gold, Inc.		93,026		663,275
Goldcorp, Inc.		133,520		2,472,790
Medusa Mining, Ltd.†(1)		1,527,573		812,887
New Gold, Inc.†		498,424		2,143,223
				6,092,175
Machinery-Construction & Mining — 3.3%
Caterpillar, Inc.		49,328		4,514,992
Komatsu, Ltd.(1)		98,500		2,183,699
				6,698,691
Metal-Copper — 2.0%
First Quantum Minerals, Ltd.		293,587		4,172,079
Metal-Diversified — 8.9%
Boliden AB(1)		302,320		4,816,883
MMG, Ltd.(1)		6,440,000		1,986,044
Rio Tinto PLC(1)		192,252		8,857,542
Vedanta Resources PLC(1)		278,464		2,458,941
				18,119,410
Metal-Iron — 1.6%
Fortescue Metals Group, Ltd.(1)		1,496,197		3,297,151
Oil Companies-Exploration & Production — 21.9%
Anadarko Petroleum Corp.		20,871		1,721,857
Apache Corp.		65,064		4,077,561
Beach Energy, Ltd.(1)		3,155,084		2,699,498
BG Group PLC(1)		733,196		9,759,375
Cabot Oil & Gas Corp.		35,701		1,057,107
Canadian Natural Resources, Ltd.		76,800		2,374,467
Cimarex Energy Co.		14,295		1,515,270
Cobalt International Energy, Inc.†		162,817		1,447,443
ConocoPhillips		94,492		6,525,618
DNO ASA†(1)		386,095		821,639
Energen Corp.		32,718		2,086,100
EOG Resources, Inc.		16,680		1,535,728
Oil Search, Ltd.(1)		102,755		663,882
Ophir Energy PLC†(1)		677,631		1,471,357
Pioneer Natural Resources Co.		8,134		1,210,746
Santos, Ltd.(1)		222,763		1,505,050
Tullow Oil PLC(1)		339,370		2,147,284
Whiting Petroleum Corp.†		63,834		2,106,522
				44,726,504
Oil Companies-Integrated — 22.2%
BP PLC(1)		329,353		2,091,306

Security Description	Shares/ Principal Amount			Value (Note 2)
Oil Companies-Integrated (continued)
Chevron Corp.		64,060		$	7,186,251
Eni SpA(1)		180,712			3,156,173
Exxon Mobil Corp.		135,689			12,544,448
Galp Energia SGPS SA(1)		196,445			1,987,422
Imperial Oil, Ltd.		114,074			4,908,604
Royal Dutch Shell PLC, Class A(1)		320,861			10,635,418
Statoil ASA(1)		162,801			2,852,995
					45,362,617
Oil Field Machinery & Equipment — 1.0%
Cameron International Corp.†		39,153			1,955,692
Oil-Field Services — 5.9%
Baker Hughes, Inc.		33,185			1,860,683
Halliburton Co.		85,764			3,373,098
Schlumberger, Ltd.		50,439			4,307,995
Technip SA(1)		41,005			2,448,559
					11,990,335
Pipelines — 3.3%
Enbridge, Inc.		41,832			2,150,583
Kinder Morgan, Inc.		109,682			4,640,645
					6,791,228
Recycling — 1.8%
Umicore SA(1)		90,261			3,635,452
Rubber & Vinyl — 1.1%
JSR Corp.(1)		128,600			2,208,296
Steel-Producers — 1.7%
Nippon Steel & Sumitomo Metal Corp.(1)...		1,428,000			3,543,888
Total Common Stocks (cost $224,583,426)					183,696,275
PREFERRED SECURITIES — 0.3%
Oil Companies-Integrated — 0.3%
Petroleo Brasileiro SA ADR (cost $1,267,071)		93,386			707,866
Total Long-Term Investment Securities (cost $225,850,497)					184,404,141
REPURCHASE AGREEMENTS — 3.7%
Bank of America Securities LLC Joint Repurchase Agreement(2)	$	1,320,000			1,320,000
Barclays Capital PLC Joint Repurchase Agreement(2)		1,700,000			1,700,000
BNP Paribas SA Joint Repurchase Agreement(2)		1,695,000			1,695,000
Deutsche Bank AG Joint Repurchase Agreement(2)		1,045,000			1,045,000
RBS Securities, Inc. Joint Repurchase Agreement(2)		1,695,000			1,695,000
Total Repurchase Agreements (cost $7,455,000)					7,455,000
TOTAL INVESTMENTS (cost $233,305,497)(3)		93.9	%		191,859,141
Other assets less liabilities		6.1			12,462,606
NET ASSETS		100.0	%	$	204,321,747

† Non-income producing security

49

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

(1) Security was valued using fair value procedures at December 31, 2014. The aggregate value of these securities was $87,844,244 representing 43.0 % of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) See Note 2 for details of Joint Repurchase Agreements.

(3) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2014 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Agricultural Chemicals	$	4,203,041	$	—	$	—	$	4,203,041
Chemicals-Diversified		2,594,545		—		—		2,594,545
Electronic Components-Semiconductors		2,124,907		—		—		2,124,907
Engineering/R&D Services		4,376,761		—		—		4,376,761
Gold Mining		5,279,288		812,887		—		6,092,175
Machinery-Construction & Mining		4,514,992		2,183,699		—		6,698,691
Metal-Copper		4,172,079		—		—		4,172,079
Oil Companies-Exploration & Production		25,658,419		19,068,085		—		44,726,504
Oil Companies-Integrated		24,639,303		20,723,314		—		45,362,617
Oil Field Machinery & Equipment		1,955,692		—		—		1,955,692
Oil-Field Services		9,541,776		2,448,559		—		11,990,335
Pipelines		6,791,228		—		—		6,791,228
Other Industries		—		42,607,700		—		42,607,700
Preferred Securities		707,866		—		—		707,866
Repurchase Agreements		—		7,455,000		—		7,455,000
Total Investments at Value	$	96,559,897	$	95,299,244	$	—	$	191,859,141

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $49,252,085 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

50

Anchor Series Trust Multi-Asset Portfolio+

PORTFOLIO PROFILE — December 31, 2014 — (unaudited)

Industry Allocation*

United States Treasury Notes	17.7	%
Repurchase Agreements	8.9
Federal National Mtg. Assoc.	5.2
United States Treasury Bonds	3.4
Federal Home Loan Mtg. Corp.	3.3
Medical-Drugs	3.1
Diversified Banking Institutions	3.0
Computers	2.6
Applications Software	2.6
Government National Mtg. Assoc.	2.3
Banks-Super Regional	2.3
Medical-Biomedical/Gene	2.2
Commercial Services-Finance	2.2
Oil Companies-Integrated	2.2
Retail-Drug Store	2.2
Retail-Discount	1.9
Multimedia	1.7
Computer Services	1.7
Medical-HMO	1.6
Electric-Integrated	1.5
Cosmetics & Toiletries	1.5
Retail-Apparel/Shoe	1.5
Diversified Manufacturing Operations	1.4
Investment Management/Advisor Services	1.4
Oil Companies-Exploration & Production	1.4
Electronic Components-Semiconductors	1.2
Retail-Building Products	1.2
Insurance-Multi-line	1.2
Beverages-Non-alcoholic	1.2
Medical-Generic Drugs	1.1
Retail-Restaurants	0.9
E-Commerce/Services	0.9
Food-Misc./Diversified	0.9
Medical-Wholesale Drug Distribution	0.9
Real Estate Investment Trusts	0.9
Apparel Manufacturers	0.8
Exchange-Traded Funds	0.8
Insurance Brokers	0.8
Instruments-Controls	0.8
Coatings/Paint	0.8
Semiconductor Components-Integrated Circuits	0.8
Tobacco	0.7
Networking Products	0.7
Telephone-Integrated	0.7
Chemicals-Diversified	0.7
Containers-Metal/Glass	0.7
Insurance-Life/Health	0.6
Oil-Field Services	0.6
Web Portals/ISP	0.6
Computer Software	0.6
Medical Products	0.5
Rental Auto/Equipment	0.5
Publishing-Periodicals	0.5
Medical Information Systems	0.5
Computers-Integrated Systems	0.5
Airlines	0.5
Electric Products-Misc.	0.5
Human Resources	0.5
Aerospace/Defense	0.4
Insurance-Mutual	0.4
Consulting Services	0.4
Entertainment Software	0.4

Transactional Software	0.4
Transport-Services	0.3
Insurance-Property/Casualty	0.3
Machinery-General Industrial	0.3
Agricultural Operations	0.3
Banks-Commercial	0.2
Steel-Producers	0.2
Auto-Cars/Light Trucks	0.2
Finance-Credit Card	0.1
	107.8	%

* Calculated as a percentage of net assets

+ See Note 12

51

Anchor Series Trust Multi-Asset Portfolio@

PORTFOLIO OF INVESTMENTS — December 31, 2014

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 62.6%
Aerospace/Defense — 0.4%
TransDigm Group, Inc.		500	$	98,175
Apparel Manufacturers — 0.8%
Ralph Lauren Corp.		1,020		188,863
Applications Software — 2.6%
Intuit, Inc.		1,820		167,786
Microsoft Corp.		6,740		313,073
salesforce.com, Inc.†		1,610		95,489
				576,348
Banks-Commercial — 0.2%
Zions Bancorporation		1,810		51,603
Banks-Super Regional — 2.3%
PNC Financial Services Group, Inc.		2,210		201,618
Wells Fargo & Co.		5,490		300,962
				502,580
Beverages-Non-alcoholic — 1.2%
Monster Beverage Corp.†		2,415		261,665
Chemicals-Diversified — 0.7%
Dow Chemical Co.		3,250		148,232
Coatings/Paint — 0.8%
Sherwin-Williams Co.		670		176,237
Commercial Services-Finance — 2.2%
Automatic Data Processing, Inc.		2,250		187,582
Equifax, Inc.		1,790		144,757
MasterCard, Inc., Class A		1,810		155,950
				488,289
Computer Services — 1.7%
Accenture PLC, Class A		1,820		162,544
Cognizant Technology Solutions Corp., Class A†		1,994		105,004
Genpact, Ltd.†		5,690		107,712
				375,260
Computer Software — 0.6%
Akamai Technologies, Inc.†		1,960		123,402
Computers — 2.6%
Apple, Inc.		5,270		581,703
Computers-Integrated Systems — 0.5%
Jack Henry & Associates, Inc.		1,765		109,677
Consulting Services — 0.4%
Verisk Analytics, Inc., Class A†		1,450		92,873
Containers-Metal/Glass — 0.7%
Crown Holdings, Inc.†		2,870		146,083
Cosmetics & Toiletries — 1.5%
Coty, Inc., Class A		7,300		150,818
Estee Lauder Cos., Inc., Class A		2,530		192,786
				343,604
Diversified Banking Institutions — 2.3%
Citigroup, Inc.		3,475		188,032
JPMorgan Chase & Co.		5,185		324,478
				512,510
Diversified Manufacturing Operations — 1.4%
Dover Corp.		621		44,538
Eaton Corp. PLC		1,510		102,620

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Illinois Tool Works, Inc.		1,710	$	161,937
				309,095
E-Commerce/Services — 0.9%
Priceline Group, Inc.†		180		205,238
Electric Products-Misc. — 0.5%
AMETEK, Inc.		1,960		103,155
Electric-Integrated — 1.3%
American Electric Power Co., Inc.		2,290		139,049
NextEra Energy, Inc.		1,020		108,416
Pinnacle West Capital Corp.		730		49,866
				297,331
Electronic Components-Semiconductors — 1.2%
Freescale Semiconductor, Ltd.†		402		10,142
Intel Corp.		4,880		177,095
Micron Technology, Inc.†		2,480		86,825
				274,062
Entertainment Software — 0.4%
Activision Blizzard, Inc.		4,210		84,832
Food-Misc./Diversified — 0.9%
Mondelez International, Inc., Class A		5,500		199,787
Human Resources — 0.5%
Team Health Holdings, Inc.†		1,750		100,677
Instruments-Controls — 0.8%
Honeywell International, Inc.		1,770		176,858
Insurance Brokers — 0.8%
Aon PLC		1,870		177,332
Insurance-Life/Health — 0.6%
Prudential Financial, Inc.		1,600		144,736
Insurance-Multi-line — 1.2%
ACE, Ltd.		1,040		119,475
Hartford Financial Services Group, Inc.		2,230		92,969
MetLife, Inc.		940		50,844
				263,288
Investment Management/Advisor Services — 1.4%
Ameriprise Financial, Inc.		1,410		186,473
BlackRock, Inc.		320		114,419
				300,892
Machinery-General Industrial — 0.3%
Middleby Corp.†		730		72,343
Medical Information Systems — 0.5%
Cerner Corp.†		1,800		116,388
Medical Products — 0.5%
Zimmer Holdings, Inc.		1,060		120,225
Medical-Biomedical/Gene — 2.2%
Celgene Corp.†		960		107,386
Gilead Sciences, Inc.†		1,480		139,505
Regeneron Pharmaceuticals, Inc.†		310		127,177
Vertex Pharmaceuticals, Inc.†		1,050		124,740
				498,808
Medical-Drugs — 3.1%
Bristol-Myers Squibb Co.		4,370		257,961
Eli Lilly & Co.		2,380		164,196

52

Anchor Series Trust Multi-Asset Portfolio@

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Drugs (continued)
Merck & Co., Inc.		4,910	$	278,839
				700,996
Medical-Generic Drugs — 1.1%
Actavis PLC†		910		234,243
Medical-HMO — 1.6%
Aetna, Inc.		1,610		143,016
UnitedHealth Group, Inc.		2,070		209,257
				352,273
Medical-Wholesale Drug Distribution — 0.9%
McKesson Corp.		955		198,239
Multimedia — 1.6%
Time Warner, Inc.		1,970		168,277
Twenty-First Century Fox, Inc., Class A		4,940		189,721
				357,998
Networking Products — 0.7%
Cisco Systems, Inc.		5,766		160,381
Oil Companies-Exploration & Production — 1.4%
Anadarko Petroleum Corp.		1,595		131,588
EOG Resources, Inc.		1,240		114,167
Southwestern Energy Co.†		2,025		55,262
				301,017
Oil Companies-Integrated — 2.2%
Chevron Corp.		1,925		215,946
Exxon Mobil Corp.		1,970		182,127
Phillips 66		1,220		87,474
				485,547
Oil-Field Services — 0.6%
Baker Hughes, Inc.		770		43,174
Halliburton Co.		2,550		100,291
				143,465
Publishing-Periodicals — 0.5%
Nielsen NV		2,660		118,982
Real Estate Investment Trusts — 0.4%
American Capital Agency Corp.		3,800		82,954
Rental Auto/Equipment — 0.5%
Hertz Global Holdings, Inc.†		4,790		119,463
Retail-Apparel/Shoe — 1.5%
PVH Corp.		1,430		183,283
Ross Stores, Inc.		1,670		157,414
				340,697
Retail-Building Products — 1.2%
Lowe’s Cos., Inc.		3,975		273,480
Retail-Discount — 1.9%
Costco Wholesale Corp.		1,480		209,790
Dollar Tree, Inc.†		2,970		209,029
				418,819
Retail-Drug Store — 2.2%
CVS Health Corp.		3,105		299,043
Walgreens Boots Alliance, Inc.		2,385		181,737
				480,780
Retail-Restaurants — 0.9%
Starbucks Corp.		2,530		207,586

Security Description	Shares/ Principal Amount		Value (Note 2)
Semiconductor Components-Integrated Circuits — 0.8%
QUALCOMM, Inc.		2,370	$	176,162
Steel-Producers — 0.2%
Reliance Steel & Aluminum Co.		790		48,403
Telephone-Integrated — 0.7%
AT&T, Inc.		4,620		155,186
Tobacco — 0.7%
Altria Group, Inc.		3,285		161,852
Transactional Software — 0.4%
Solera Holdings, Inc.		1,560		79,841
Web Portals/ISP — 0.6%
Google, Inc., Class C†		263		138,443
Total Common Stocks (cost $12,183,349)				13,958,958
EXCHANGE-TRADED FUNDS — 0.8%
SPDR S&P 500 ETF Trust (cost $176,763)		870		178,785
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7%
Insurance-Mutual — 0.4%
Liberty Mutual Insurance Co. 7.88% due 10/15/2026*	$	75,000		94,515
Insurance-Property/Casualty — 0.3%
ACE Capital Trust II 9.70% due 04/01/2030		50,000		74,525
Total Preferred Securities/Capital Securities (cost $133,469)				169,040
U.S. CORPORATE BONDS & NOTES — 2.9%
Agricultural Operations — 0.3%
Cargill, Inc. Senior Notes 4.31% due 05/14/2021*		53,000		58,287
Airlines — 0.5%
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class A 5.98% due 10/19/2023		24,768		27,183
Southwest Airlines Co. Senior Notes 5.75% due 12/15/2016		50,000		54,023
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 02/01/2024		22,021		25,269
				106,475
Auto-Cars/Light Trucks — 0.2%
Daimler Finance North America LLC Company Guar. Notes 8.50% due 01/18/2031		25,000		38,237
Diversified Banking Institutions — 0.7%
JPMorgan Chase & Co. Senior Notes 6.40% due 05/15/2038		35,000		45,729
Morgan Stanley Senior Notes 5.45% due 01/09/2017		100,000		107,371
				153,100

53

Anchor Series Trust Multi-Asset Portfolio@

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated — 0.2%
Consolidated Edison Co. of New York, Inc. Senior Notes 5.30% due 12/01/2016	$	35,000	$	37,834
Duke Energy Carolinas LLC 1st Mtg. Bonds 5.25% due 01/15/2018		10,000		11,075
				48,909
Finance-Credit Card — 0.1%
Discover Financial Services Senior Notes 6.45% due 06/12/2017		10,000		11,049
Investment Management/Advisor Services — 0.0%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/2017		3,000		3,366
Multimedia — 0.1%
21st Century Fox America, Inc. Company Guar. Notes 6.40% due 12/15/2035		25,000		32,629
Real Estate Investment Trusts — 0.5%
Brandywine Operating Partnership LP Company Guar. Notes 6.00% due 04/01/2016		25,000		26,372
HCP, Inc. Senior Notes 6.00% due 01/30/2017		15,000		16,367
Kimco Realty Corp. Senior Notes 5.78% due 03/15/2016		40,000		42,126
Liberty Property LP Senior Notes 6.63% due 10/01/2017		10,000		11,206
Realty Income Corp. Senior Notes 6.75% due 08/15/2019		15,000		17,669
				113,740
Transport-Services — 0.3%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 07/15/2023		64,954		75,996
Total U.S. Corporate Bonds & Notes (cost $566,503)				641,788
U.S. GOVERNMENT AGENCIES — 10.8%
Federal Home Loan Mtg. Corp. — 3.3%
4.00% due January TBA		300,000		319,781
4.50% due 02/01/2039		170,792		185,205
5.50% due January TBA		200,000		223,422
				728,408
Federal National Mtg. Assoc. — 5.2%
3.50% due January TBA		50,000		52,121
4.50% due January TBA		900,000		976,922
5.00% due 03/01/2019		59,264		63,418
5.00% due 04/01/2019		16,403		17,568
6.00% due 06/01/2040		49,355		56,045
				1,166,074

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. — 2.3%
5.00% due 11/15/2034	$	47,971	$	53,102
5.00% due 11/15/2035		36,737		40,472
6.00% due January TBA		200,000		226,000
6.50% due 09/15/2023		3,403		3,883
6.50% due 10/15/2023		490		559
6.50% due 11/15/2023		29,610		33,788
6.50% due 12/15/2023		48,993		55,905
6.50% due 09/15/2028		3,269		3,730
6.50% due 11/15/2028		12,250		13,979
6.50% due 10/15/2031		1,083		1,236
6.50% due 02/15/2035		31,717		36,884
7.00% due 01/15/2033		5,276		6,267
7.00% due 05/15/2033		31,362		36,878
				512,683
Total U.S. Government Agencies (cost $2,350,245)				2,407,165
U.S. GOVERNMENT TREASURIES — 21.1%
United States Treasury Bonds — 3.4%
2.88% due 05/15/2043		310,000		317,071
3.38% due 05/15/2044		65,000		73,176
3.63% due 02/15/2044		20,000		23,536
4.38% due 11/15/2039		40,000		52,450
4.63% due 02/15/2040		210,000		285,469
				751,702
United States Treasury Notes — 17.7%
0.25% due 11/30/2015		335,000		335,000
0.50% due 07/31/2016		50,000		50,023
1.00% due 09/15/2017		350,000		350,191
1.00% due 05/31/2018		500,000		495,156
1.25% due 10/31/2015		200,000		201,609
1.25% due 11/30/2018		175,000		173,770
1.38% due 09/30/2018		170,000		169,841
1.50% due 01/31/2019		120,000		120,047
1.63% due 07/31/2019		300,000		300,469
1.63% due 08/15/2022		405,000		393,926
1.63% due 11/15/2022		70,000		67,906
1.75% due 09/30/2019		210,000		211,230
1.75% due 05/15/2023		30,000		29,210
2.38% due 08/15/2024		60,000		61,111
2.75% due 11/15/2023		105,000		110,537
2.75% due 02/15/2024		345,000		363,032
3.88% due 05/15/2018		300,000		326,156
4.63% due 02/15/2017		175,000		189,328
				3,948,542
Total U.S. Government Treasuries (cost $4,507,989)				4,700,244
Total Long-Term Investment Securities (cost $19,918,318)				22,055,980

54

Anchor Series Trust Multi-Asset Portfolio@

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 8.9%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	350,000		$	350,000
Barclays Capital PLC Joint Repurchase Agreement(1)		460,000			460,000
BNP Paribas SA Joint Repurchase Agreement(1)		450,000			450,000
Deutsche Bank AG Joint Repurchase Agreement(1)		275,000			275,000
RBS Securities, Inc. Joint Repurchase Agreement(1)		450,000			450,000
Total Repurchase Agreements (cost $1,985,000)					1,985,000
TOTAL INVESTMENTS (cost $21,903,318)(2)		107.8	%		24,040,980
Liabilities in excess of other assets		(7.8	)		(1,747,459	)
NET ASSETS		100.0	%	$	22,293,521

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At December 31, 2014, the aggregate value of these securities was $152,802 representing 0.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

@ See Note 12

(1) See Note 2 for details of Joint Repurchase Agreements.

(2) See Note 6 for cost of investments on a tax basis.

ETF — Exchange-Traded Fund

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Value at Trade Date		Value as of December 31, 2014		Unrealized Appreciation (Depreciation)
	6	Short	S&P 500 E-Mini Index	March 2015	$	604,960	$	615,720	$	(10,760	)
	2	Short	U.S. Treasury 10 Year Note	March 2015		253,527		253,594		(67	)
									$	(10,827	)

55

Anchor Series Trust Multi-Asset Portfolio@

PORTFOLIO OF INVESTMENTS — December 31, 2012 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2014 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	13,958,958	$	—	$	—	$	13,958,958
Exchange-Traded Funds		178,785		—		—		178,785
Preferred Securities/Capital Securities		—		169,040		—		169,040
U.S. Corporate Bonds & Notes:
Airlines		—		54,023		52,452		106,475
Transport-Services		—		—		75,996		75,996
Other Industries		—		459,317		—		459,317
U.S. Government Agencies		—		2,407,165		—		2,407,165
U.S. Government Treasuries		—		4,700,244		—		4,700,244
Repurchase Agreements		—		1,985,000		—		1,985,000
Total Investments at Value	$	14,137,743	$	9,774,789	$	128,448	$	24,040,980
LIABILITIES:
Other Financial Instruments:+
Open Futures Contracts	$	10,827	$	—	$	—	$	10,827

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Portfolio.

See Notes to Financial Statements

56

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO PROFILE — December 31, 2014 — (unaudited)

Industry Allocation*

Sovereign	29.3	%
Medical-Drugs	6.3
Banks-Commercial	4.3
Medical-Biomedical/Gene	3.6
Investment Management/Advisor Services	2.4
Applications Software	2.3
Beverages-Non-alcoholic	1.9
Advertising Agencies	1.7
Repurchase Agreements	1.6
E-Commerce/Products	1.5
Brewery	1.5
United States Treasury Notes	1.4
Real Estate Management/Services	1.4
Electronic Components-Semiconductors	1.4
Oil Companies-Integrated	1.3
Aerospace/Defense	1.3
Industrial Gases	1.2
Diversified Banking Institutions	1.2
Web Portals/ISP	1.2
Building Products-Cement	1.1
Metal Processors & Fabrication	1.1
Insurance-Multi-line	1.0
Multimedia	1.0
Computers	0.9
Computers-Memory Devices	0.9
Pipelines	0.9
Networking Products	0.9
Auto/Truck Parts & Equipment-Original	0.9
Diversified Financial Services	0.8
Oil Companies-Exploration & Production	0.8
Transport-Rail	0.8
Commercial Services-Finance	0.8
Real Estate Operations & Development	0.8
Apparel Manufacturers	0.8
Medical-Wholesale Drug Distribution	0.7
Hotels/Motels	0.7
Medical-HMO	0.7
Semiconductor Components-Integrated Circuits	0.7
Food-Retail	0.7
Insurance-Property/Casualty	0.7
Finance-Other Services	0.7
Medical Products	0.7
United States Treasury Bonds	0.7
Food-Misc./Diversified	0.6
Publishing-Periodicals	0.6
Telephone-Integrated	0.6
Retail-Apparel/Shoe	0.6
Machinery-Electrical	0.6
Motorcycle/Motor Scooter	0.6
Electric Products-Misc.	0.6
Appliances	0.6
Building-Residential/Commercial	0.5
Auto-Cars/Light Trucks	0.5
Computer Services	0.5
Insurance-Life/Health	0.5
Medical Instruments	0.5
Airlines	0.5
Human Resources	0.5
Electric-Integrated	0.5
Medical-Hospitals	0.4
Cosmetics & Toiletries	0.4
Retail-Auto Parts	0.4

Chemicals-Specialty	0.4	%
Internet Content-Information/News	0.3
Semiconductor Equipment	0.3
Diversified Operations	0.3
Transactional Software	0.3
E-Commerce/Services	0.3
Rubber-Tires	0.3
Gas-Distribution	0.2
Medical-Generic Drugs	0.2
	99.2	%

* Calculated as a percentage of net assets

57

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 66.2%
Advertising Agencies — 1.7%
Alliance Data Systems Corp.†		475	$	135,874
WPP PLC(1)		10,286		213,395
				349,269
Aerospace/Defense — 1.3%
Raytheon Co.		1,620		175,236
Teledyne Technologies, Inc.†		899		92,363
				267,599
Airlines — 0.5%
American Airlines Group, Inc.		539		28,907
International Consolidated Airlines Group SA†(1)		10,120		75,628
				104,535
Apparel Manufacturers — 0.8%
VF Corp.		2,130		159,537
Appliances — 0.6%
Electrolux AB, Series B(1)		4,014		117,776
Applications Software — 2.3%
Microsoft Corp.		7,510		348,839
salesforce.com, Inc.†		2,205		130,779
				479,618
Auto-Cars/Light Trucks — 0.5%
Isuzu Motors, Ltd.(1)		9,057		110,501
Auto/Truck Parts & Equipment-Original — 0.9%
Delphi Automotive PLC		1,230		89,446
WABCO Holdings, Inc.†		904		94,721
				184,167
Banks-Commercial — 4.3%
Alpha Bank AE†(1)		116,657		65,988
Banca Generali SpA(1)		2,740		76,057
CaixaBank SA(1)		15,595		81,003
China Construction Bank Corp., Class H(1)		120,000		97,359
FinecoBank Banca Fineco SpA†(1)		13,441		75,494
ICICI Bank, Ltd. ADR		16,510		190,691
ING Groep NV CVA†(1)		19,127		247,649
Turkiye Garanti Bankasi AS(1)		17,845		71,504
				905,745
Beverages-Non-alcoholic — 1.9%
Coca-Cola Co.		4,930		208,145
Monster Beverage Corp.†		1,750		189,612
				397,757
Brewery — 1.5%
Anheuser-Busch InBev NV(1)		2,739		308,230
Building Products-Cement — 1.1%
CRH PLC(1)		3,861		91,706
Vulcan Materials Co.		2,275		149,536
				241,242
Building-Residential/Commercial — 0.5%
Daiwa House Industry Co., Ltd.(1)		5,845		110,679
Chemicals-Specialty — 0.4%
Brenntag AG(1)		1,299		73,094
Commercial Services-Finance — 0.8%
Equifax, Inc.		1,995		161,336

Security Description	Shares		Value (Note 2)
Computer Services — 0.5%
Accenture PLC, Class A		1,200	$	107,172
Computers — 0.9%
Apple, Inc.		1,800		198,684
Computers-Memory Devices — 0.9%
Western Digital Corp.		1,770		195,939
Cosmetics & Toiletries — 0.4%
Estee Lauder Cos., Inc., Class A		1,202		91,592
Diversified Banking Institutions — 1.2%
Citigroup, Inc.		2,300		124,453
Mitsubishi UFJ Financial Group, Inc.(1)		23,665		129,711
				254,164
Diversified Financial Services — 0.8%
Julius Baer Group, Ltd.(1)		3,869		176,562
Diversified Operations — 0.3%
Restaurant Brands International, Inc.†		1,633		63,957
E-Commerce/Products — 1.5%
Alibaba Group Holding, Ltd. ADR†		1,419		147,491
Amazon.com, Inc.†		375		116,381
Rakuten, Inc.(1)		4,015		55,899
				319,771
E-Commerce/Services — 0.3%
Priceline Group, Inc.†		52		59,291
Electric Products-Misc. — 0.6%
Legrand SA(1)		2,353		123,177
Electric-Integrated — 0.5%
Edison International		1,520		99,530
Electronic Components-Semiconductors — 1.4%
Intel Corp.		4,310		156,410
SK Hynix, Inc.†(1)		3,278		141,148
				297,558
Finance-Other Services — 0.7%
Hong Kong Exchanges and Clearing, Ltd.(1)		6,600		145,191
Food-Misc./Diversified — 0.6%
Mondelez International, Inc., Class A		3,545		128,772
Food-Retail — 0.7%
Seven & I Holdings Co., Ltd.(1)		4,050		146,086
Gas-Distribution — 0.2%
ENN Energy Holdings, Ltd.(1)		8,000		45,241
Hotels/Motels — 0.7%
Hilton Worldwide Holdings, Inc.†		5,800		151,322
Human Resources — 0.5%
Robert Half International, Inc.		1,710		99,830
Industrial Gases — 1.2%
Air Liquide SA(1)		2,116		261,090
Insurance-Life/Health — 0.5%
Lincoln National Corp.		1,845		106,401
Insurance-Multi-line — 1.0%
Assicurazioni Generali SpA(1)		8,525		174,212
BB Seguridade Participacoes SA(1)		3,600		43,215
				217,427
Insurance-Property/Casualty — 0.7%
PICC Property & Casualty Co., Ltd.†(1)		30,000		58,046

58

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Property/Casualty (continued)
Tokio Marine Holdings, Inc.(1)		2,700	$	87,682
				145,728
Internet Content-Information/News — 0.3%
M3, Inc.†(1)		4,200		69,842
Investment Management/Advisor Services — 2.4%
BlackRock, Inc.		1,023		365,784
Legg Mason, Inc.		1,670		89,128
WisdomTree Investments, Inc.		3,770		59,095
				514,007
Machinery-Electrical — 0.6%
Hitachi, Ltd.(1)		17,000		124,393
Medical Instruments — 0.5%
Olympus Corp.†(1)		3,005		105,884
Medical Products — 0.7%
Becton Dickinson and Co.		1,020		141,943
Medical-Biomedical/Gene — 3.6%
Amgen, Inc.		875		139,379
Biogen Idec, Inc.†		260		88,257
Celgene Corp.†		1,750		195,755
NPS Pharmaceuticals, Inc.†		1,070		38,274
Regeneron Pharmaceuticals, Inc.†		467		191,586
Vertex Pharmaceuticals, Inc.†		870		103,356
				756,607
Medical-Drugs — 6.3%
Alkermes PLC†		2,341		137,089
AstraZeneca PLC(1)		4,561		320,847
Bristol-Myers Squibb Co.		6,469		381,865
Eli Lilly & Co.		2,485		171,440
Merck & Co., Inc.		2,996		170,143
Takeda Pharmaceutical Co., Ltd.(1)		1,565		64,941
Zoetis, Inc.		2,050		88,211
				1,334,536
Medical-Generic Drugs — 0.2%
Actavis PLC†		170		43,760
Medical-HMO — 0.7%
Aetna, Inc.		1,685		149,679
Medical-Hospitals — 0.4%
HCA Holdings, Inc.†		1,260		92,471
Medical-Wholesale Drug Distribution — 0.7%
McKesson Corp.		734		152,364
Metal Processors & Fabrication — 1.1%
Assa Abloy AB, Class B(1)		2,444		129,158
SKF AB, Class B(1)		4,892		102,913
				232,071
Motorcycle/Motor Scooter — 0.6%
Harley-Davidson, Inc.		1,881		123,977
Multimedia — 1.0%
Markit Ltd†		3,040		80,347
Twenty-First Century Fox, Inc., Class A		3,220		123,664
				204,011
Networking Products — 0.9%
Cisco Systems, Inc.		6,680		185,804

Security Description		Shares/ Principal Amount(2)		Value (Note 2)
Oil Companies-Exploration & Production — 0.8%
Anadarko Petroleum Corp.			2,050	$	169,125
Oil Companies-Integrated — 1.3%
Imperial Oil, Ltd.			3,830		164,996
Marathon Oil Corp.			580		16,408
Petroleo Brasileiro SA ADR			7,530		54,969
Phillips 66			660		47,322
					283,695
Pipelines — 0.9%
TransCanada Corp.			3,885		190,940
Publishing-Periodicals — 0.6%
Nielsen NV			2,852		127,570
Real Estate Management/Services — 1.4%
CBRE Group, Inc., Class A†			3,220		110,285
Deutsche Annington Immobilien SE(1)			5,508		187,357
					297,642
Real Estate Operations & Development — 0.8%
Mitsui Fudosan Co., Ltd.(1)			5,980		160,835
Retail-Apparel/Shoe — 0.6%
L Brands, Inc.			1,440		124,632
Retail-Auto Parts — 0.4%
Advance Auto Parts, Inc.			500		79,640
Rubber-Tires — 0.3%
Continental AG(1)			273		57,972
Semiconductor Components-Integrated Circuits — 0.7%
NXP Semiconductor NV†			1,949		148,904
Semiconductor Equipment — 0.3%
Applied Materials, Inc.			2,637		65,714
Telephone-Integrated — 0.6%
Koninklijke KPN NV(1)			40,353		127,224
Transactional Software — 0.3%
Solera Holdings, Inc.			1,235		63,207
Transport-Rail — 0.8%
Norfolk Southern Corp.			1,520		166,607
Web Portals/ISP — 1.2%
Baidu, Inc. ADR†			219		49,925
Google, Inc., Class C†			379		199,506
					249,431
Total Common Stocks (cost $12,552,059)					13,950,057
FOREIGN GOVERNMENT OBLIGATIONS — 29.3%
Sovereign — 29.3%
Commonwealth of Australia Senior Notes 2.75% due 04/21/2024	AUD		155,000		126,586
Commonwealth of Australia Senior Notes 3.25% due 04/21/2029	AUD		30,000		25,053
Commonwealth of Australia Senior Notes 4.50% due 04/21/2033	AUD		20,000		19,245
Commonwealth of Australia Senior Notes 4.75% due 04/21/2027	AUD		25,000		24,237

59

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description		Principal Amount(2)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Commonwealth of Australia Senior Notes 5.50% due 01/21/2018	AUD		40,000	$	35,882
Commonwealth of Australia Senior Notes 5.75% due 05/15/2021	AUD		170,000		165,698
Commonwealth of Australia Senior Notes 6.00% due 02/15/2017	AUD		140,000		123,315
Federal Republic of Germany Bonds 1.50% due 05/15/2024	EUR		55,000		72,568
Federal Republic of Germany Bonds 3.75% due 01/04/2019	EUR		20,000		27,885
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR		5,000		9,836
Government of Canada Bonds 1.25% due 02/01/2016	CAD		100,000		86,301
Government of Canada Bonds 1.50% due 06/01/2023	CAD		25,000		21,190
Government of Canada Bonds 1.75% due 09/01/2019	CAD		195,000		170,931
Government of Canada Bonds 2.50% due 06/01/2024	CAD		60,000		54,805
Government of Canada Bonds 4.00% due 06/01/2041	CAD		25,000		28,541
Government of Canada Bonds 5.75% due 06/01/2033	CAD		105,000		138,217
Government of France Bonds 2.50% due 05/25/2030	EUR		5,000		6,970
Government of Japan Senior Notes 0.30% due 09/20/2018	JPY		6,800,000		57,400
Government of Japan Senior Notes 0.80% due 09/20/2023	JPY		13,750,000		120,413
Government of Japan Senior Notes 1.60% due 03/20/2033	JPY		450,000		4,172
Government of Japan Senior Notes 1.70% due 06/20/2033	JPY		4,050,000		38,050
Government of Japan Senior Notes 1.80% due 03/20/2043	JPY		3,350,000		31,621
Government of Japan Senior Notes 2.10% due 12/20/2027	JPY		7,150,000		71,520
Government of Japan Senior Notes 2.20% due 09/20/2028	JPY		1,950,000		19,751

Security Description		Principal Amount(2)		Value (Note 2)
Sovereign (continued)
Government of Poland Bonds 4.75% due 10/25/2016	PLN		295,000	$	87,642
Government of Poland Bonds 6.25% due 10/24/2015	PLN		485,000		141,792
Kingdom of Belgium Senior Notes 3.00% due 06/22/2034*	EUR		5,000		7,447
Kingdom of Belgium Bonds 3.75% due 09/28/2020*	EUR		20,000		29,018
Kingdom of Denmark Bonds 1.50% due 11/15/2023	DKK		1,040,000		182,757
Kingdom of Denmark Bonds 3.00% due 11/15/2021	DKK		105,000		20,162
Kingdom of Denmark Bonds 4.00% due 11/15/2017	DKK		320,000		57,945
Kingdom of Denmark Bonds 4.00% due 11/15/2019	DKK		530,000		102,313
Kingdom of Denmark Bonds 4.50% due 11/15/2039	DKK		550,000		148,322
Kingdom of Netherlands Bonds 4.00% due 01/15/2037*	EUR		7,500		13,820
Kingdom of Norway Bonds 2.00% due 05/24/2023	NOK		1,280,000		179,228
Kingdom of Norway Bonds 3.75% due 05/25/2021	NOK		480,000		74,282
Kingdom of Norway Bonds 4.25% due 05/19/2017	NOK		150,000		21,729
Kingdom of Norway Bonds 4.50% due 05/22/2019	NOK		1,385,000		213,689
Kingdom of Spain Bonds 4.50% due 01/31/2018	EUR		10,000		13,522
Kingdom of Spain Senior Notes 4.70% due 07/30/2041	EUR		10,000		16,198
Kingdom of Spain Senior Notes 5.85% due 01/31/2022	EUR		10,000		15,944
Kingdom of Sweden Bonds 1.50% due 11/13/2023	SEK		1,315,000		178,590
Kingdom of Sweden Bonds 3.00% due 07/12/2016	SEK		535,000		71,717
Kingdom of Sweden Bonds 3.50% due 03/30/2039	SEK		310,000		54,706
Kingdom of Sweden Bonds 4.25% due 03/12/2019	SEK		1,465,000		220,154

60

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description		Principal Amount(2)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Austria Senior Notes 3.65% due 04/20/2022*	EUR		15,000	$	22,419
Republic of Finland Senior Notes 1.50% due 04/15/2023*	EUR		5,000		6,526
Republic of France Bonds 1.00% due 05/25/2019	EUR		30,000		37,703
Republic of France Bonds 1.75% due 11/25/2024	EUR		25,000		32,901
Republic of France Bonds 3.25% due 05/25/2045	EUR		10,000		15,857
Republic of France Bonds 5.00% due 10/25/2016	EUR		20,000		26,403
Republic of Ireland Bonds 4.50% due 10/18/2018	EUR		5,000		6,996
Republic of Italy Notes 3.50% due 03/01/2030*	EUR		20,000		27,036
Republic of Italy Senior Notes 3.75% due 05/01/2021	EUR		20,000		27,778
Republic of Italy Bonds 3.75% due 09/01/2024	EUR		20,000		28,240
Republic of Italy Bonds 4.75% due 09/01/2044*	EUR		5,000		7,836
Republic of Poland Bonds 3.75% due 04/25/2018	PLN		260,000		77,488
Republic of Poland Bonds 4.00% due 10/25/2023	PLN		55,000		17,493
Republic of Poland Bonds 5.50% due 10/25/2019	PLN		430,000		139,825
Republic of Poland Bonds 5.75% due 09/23/2022	PLN		375,000		131,177
Republic of Singapore Senior Notes 2.38% due 04/01/2017	SGD		155,000		121,277
Republic of Singapore Senior Notes 2.75% due 04/01/2042	SGD		30,000		21,967
Republic of Singapore Senior Notes 3.00% due 09/01/2024	SGD		40,000		32,100
Republic of Singapore Senior Notes 3.13% due 09/01/2022	SGD		430,000		346,719
Republic of South Africa Senior Notes 6.25% due 03/31/2036	ZAR		775,000		51,953
Republic of South Africa Bonds 6.50% due 02/28/2041	ZAR		1,160,000		78,053

Security Description		Principal Amount(2)		Value (Note 2)
Sovereign (continued)
Republic of South Africa Senior Notes 6.75% due 03/31/2021	ZAR		2,295,000	$	189,905
Republic of South Africa Bonds 7.75% due 02/28/2023	ZAR		570,000		49,029
Republic of South Africa Bonds 8.00% due 01/31/2030	ZAR		905,000		75,909
Republic of South Africa Bonds 8.25% due 09/15/2017	ZAR		635,000		56,620
United Kingdom Gilt Treasury Bonds 1.00% due 09/07/2017	GBP		15,000		23,580
United Kingdom Gilt Treasury Bonds 1.75% due 07/22/2019	GBP		135,000		215,808
United Kingdom Gilt Treasury Bonds 2.00% due 01/22/2016	GBP		35,000		55,470
United Kingdom Gilt Treasury Bonds 2.75% due 09/07/2024	GBP		75,000		127,181
United Kingdom Gilt Treasury Notes 3.25% due 01/22/2044	GBP		35,000		62,934
United Kingdom Gilt Treasury Notes 3.50% due 01/22/2045	GBP		5,000		9,402
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP		20,000		40,763
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2030	GBP		30,000		63,137
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2038	GBP		35,000		77,723
United Mexican States Bonds 7.50% due 06/03/2027	MXN		2,668,200		201,817
United Mexican States Bonds 8.00% due 12/17/2015	MXN		3,052,500		216,038
United Mexican States Bonds 8.00% due 06/11/2020	MXN		556,700		42,469
United Mexican States Bonds 8.00% due 12/07/2023	MXN		427,600		33,309
United Mexican States Bonds 8.50% due 11/18/2038	MXN		157,300		13,183
United Mexican States Bonds 10.00% due 12/05/2024	MXN		251,500		22,327
United Mexican States Bonds 10.00% due 11/20/2036	MXN		111,500		10,588
Total Foreign Government Obligations (cost $6,519,030)					6,176,103

61

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Security Description	Principal Amount(2)			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 2.1%
United States Treasury Bonds — 0.7%
2.88% due 05/15/2043	$	10,000		$	10,228
3.63% due 02/15/2044		35,000			41,188
4.50% due 02/15/2036		60,000			80,030
					131,446
United States Treasury Notes — 1.4%
0.88% due 12/31/2016		140,000			140,525
1.00% due 09/30/2019		120,000			116,700
2.50% due 05/15/2024		40,000			41,206
					298,431
Total U.S. Government Treasuries (cost $421,970)					429,877
Total Long-Term Investment Securities (cost $19,493,059)					20,556,037
REPURCHASE AGREEMENTS — 1.6%
Bank of America Securities LLC Joint Repurchase Agreement(3)		55,000			55,000
Barclays Capital PLC Joint Repurchase Agreement(3)		85,000			85,000
BNP Paribas SA Joint Repurchase Agreement(3)		75,000			75,000
Deutsche Bank AG Joint Repurchase Agreement(3)		45,000			45,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		75,000			75,000
Total Repurchase Agreements (cost $335,000)					335,000
TOTAL INVESTMENTS (cost $19,828,059)(4)		99.2	%		20,891,037
Other assets less liabilities		0.8			175,744
NET ASSETS		100.0	%	$	21,066,781

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At December 31, 2014, the aggregate value of these securities was $114,102 representing 0.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at December 31, 2014. The aggregate value of these securities was $4,854,689 representing 23.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) Denominated in United States dollars unless otherwise indicated.

(3) See Note 2 for details of Joint Repurchase Agreements.

(4) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

JPY — Japanese Yen

MXN — Mexican Peso

NOK — Norwegian Krone

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

ZAR — South African Rand

62

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Value at Trade Date		Value as of December 31, 2014		Unrealized Appreciation (Depreciation)
	2	Short	Euro-Bund	March 2015	$	370,450	$	377,221	$	(6,771	)
	3	Short	U.S. Treasury 10 Year Note	March 2015		378,328		380,390		(2,062	)
									$	(8,833	)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	AUD	20,000		USD	16,429	01/16/2015	$	114	$	—
	CHF	6,000		USD	6,139	01/16/2015		103		—
	EUR	281,000		USD	348,834	01/16/2015		8,770		—
	HKD	1,955,000		USD	252,038	01/16/2015		—		(66	)
	INR	3,520,000		USD	56,374	01/16/2015		762		—
	JPY	1,200,000		USD	9,874	01/16/2015		—		(145	)
	PLN	1,792,000		USD	528,668	01/16/2015		22,789		—
	SGD	656,000		USD	503,230	01/16/2015		8,150		—
	USD	3,358		AUD	4,000	01/16/2015		—		(95	)
	USD	12,154		CAD	14,000	01/16/2015		—		(107	)
	USD	29,767		ILS	115,000	01/16/2015		—		(284	)
	USD	2,674		JPY	320,000	01/16/2015		—		(2	)
	USD	9,978		KRW	11,180,000	01/16/2015		206		—
	USD	2,659		SEK	20,000	01/16/2015		—		(94	)
	USD	153,424		SGD	200,000	01/16/2015		—		(2,485	)
	USD	93,412		ZAR	1,035,000	01/16/2015		—		(4,097	)
	ZAR	6,040,000		USD	545,131	01/16/2015		23,906		—
								64,800		(7,375	)
Barclays Bank PLC	EUR	5,000		USD	6,269	01/16/2015		218		—
	JPY	1,000,000		USD	8,360	01/16/2015		10		—
	USD	43,079		CAD	50,000	01/16/2015		—		(56	)
	USD	7,835		GBP	5,000	01/16/2015		—		(43	)
	USD	18,355		KRW	20,520,000	01/16/2015		336		—
	USD	11,529		NZD	15,000	01/16/2015		160		—
	USD	183,876		TWD	5,679,000	01/16/2015		—		(4,213	)
								724		(4,312	)
BNP Paribas SA	CAD	107,000		USD	95,137	01/16/2015		3,066		—
	JPY	1,300,000		USD	10,764	01/16/2015		—		(90	)
	USD	17,249		GBP	11,000	01/16/2015		—		(106	)
								3,066		(196	)
Citibank N.A.	AUD	4,000		USD	3,439	01/16/2015		176		—
	EUR	5,000		USD	6,164	01/16/2015		113		—
	GBP	488,000		USD	764,389	01/16/2015		3,857		—
	USD	3,528		CAD	4,000	01/16/2015		—		(86	)
	USD	217,726		GBP	139,000	01/16/2015		—		(1,100	)
								4,146		(1,186	)
Commonwealth Bank of Australia	AUD	20,000		USD	16,354	01/16/2015		40		—
	USD	5,462		NZD	7,000	01/16/2015		—		(7	)
								40		(7	)

63

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Credit Suisse International	USD	336,362		CHF	322,000	01/16/2015	$	—	$	(12,432	)
	USD	42,346		GBP	27,000	01/16/2015		—		(267	)
	USD	32,584		RUB	1,486,000	01/16/2015		—		(8,063	)
								—		(20,762	)
Deutsche Bank AG London	AUD	29,000		USD	23,923	01/16/2015		267		—
	CHF	5,000		USD	5,097	01/16/2015		67		—
	EUR	5,000		USD	6,207	01/16/2015		156		—
	JPY	4,209,000		USD	35,269	01/16/2015		127		—
	NOK	324,000		USD	43,618	01/16/2015		159		—
	SEK	209,000		USD	27,220	01/16/2015		409		—
	SGD	43,000		USD	32,519	01/16/2015		67		—
	USD	3,535		CAD	4,000	01/16/2015		—		(93	)
	USD	4,251		DKK	26,000	01/16/2015		—		(26	)
	USD	12,539		GBP	8,000	01/16/2015		—		(71	)
								1,252		(190	)
Goldman Sachs International	AUD	10,000		USD	8,464	01/16/2015		306		—
	DKK	3,046,000		USD	513,248	01/16/2015		18,266		—
	JPY	1,000,000		USD	8,357	01/16/2015		7		—
	MXN	155,000		USD	10,607	01/16/2015		108		—
	USD	6,323		GBP	4,000	01/16/2015		—		(89	)
	USD	10,198		KRW	11,230,000	01/16/2015		31		—
	USD	4,913		MXN	70,000	01/16/2015		—		(172	)
	USD	30,492		NZD	39,000	01/16/2015		—		(100	)
								18,718		(361	)
HSBC Bank USA	CHF	5,000		USD	5,116	01/16/2015		86		—
	EUR	10,000		USD	12,377	01/16/2015		275		—
	GBP	3,000		USD	4,696	01/16/2015		21		—
	KRW	139,894,000		USD	125,513	01/16/2015		—		(1,912	)
	USD	6,216		EUR	5,000	01/16/2015		—		(165	)
	USD	59,668		GBP	38,000	01/16/2015		—		(446	)
	USD	88,865		KRW	99,035,000	01/16/2015		1,343		—
								1,725		(2,523	)
JPMorgan Chase Bank	AUD	60,000		USD	50,176	01/16/2015		1,232		—
	CHF	8,000		USD	8,176	01/16/2015		128		—
	EUR	595,000		USD	738,869	01/16/2015		18,804		—
	JPY	3,850,000		USD	31,716	01/16/2015		—		(429	)
	KRW	17,760,000		USD	15,908	01/16/2015		—		(269	)
	NZD	15,000		USD	11,442	01/16/2015		—		(248	)
	SEK	50,000		USD	6,641	01/16/2015		227		—
	USD	8,593		AUD	10,000	01/16/2015		—		(435	)
	USD	45,320		CAD	51,000	01/16/2015		—		(1,436	)
	USD	3,057		CHF	3,000	01/16/2015		—		(39	)
	USD	37,156		EUR	30,000	01/16/2015		—		(850	)
	USD	54,683		GBP	35,000	01/16/2015		—		(137	)
	USD	6,771		JPY	800,000	01/16/2015		—		(91	)
	USD	22,717		KRW	24,800,000	01/16/2015		—		(128	)
	USD	11,567		MXN	170,000	01/16/2015		—		(52	)
	USD	59,098		MYR	200,000	01/16/2015		—		(1,982	)
	USD	9,924		NOK	70,000	01/16/2015		—		(534	)

64

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
	USD	33,380		NZD	43,000	01/16/2015	$	130	$	—
	USD	9,290		SEK	70,000	01/16/2015		—		(310	)
								20,521		(6,940	)
Morgan Stanley and Co. International PLC	AUD	579,000		USD	497,700	01/16/2015		25,383		—
	CHF	20,000		USD	20,564	01/16/2015		444		—
	GBP	3,000		USD	4,736	01/16/2015		60		—
	MXN	8,565,000		USD	626,732	01/16/2015		46,589		—
	NZD	3,000		USD	2,332	01/16/2015		—		(6	)
	USD	384,885		AUD	448,000	01/16/2015		—		(19,431	)
	USD	8,780		CAD	10,000	01/16/2015		—		(175	)
	USD	5,206		CHF	5,000	01/16/2015		—		(176	)
	USD	4,700		GBP	3,000	01/16/2015		—		(25	)
	USD	42,064		KRW	47,042,000	01/16/2015		785		—
	USD	8,394		MXN	120,000	01/16/2015		—		(266	)
	USD	19,707		NZD	25,000	01/16/2015		—		(225	)
								73,261		(20,304	)
National Australia Bank, Ltd.	CAD	8,000		USD	7,017	01/16/2015		135		—
	JPY	85,652,000		USD	728,355	01/16/2015		13,217		—
	USD	6,721		AUD	8,000	01/16/2015		—		(195	)
	USD	43,063		CAD	50,000	01/16/2015		—		(39	)
	USD	69,016		JPY	8,116,000	01/16/2015		—		(1,252	)
								13,352		(1,486	)
Royal Bank of Canada	CAD	644,000		USD	572,618	01/16/2015		18,471		—
	CHF	2,000		USD	2,039	01/16/2015		27		—
	EUR	33,000		USD	40,353	01/16/2015		416		—
	USD	280,061		HKD	2,172,000	01/16/2015		26		—
								18,940		—
Standard Chartered Bank	USD	4,731		MXN	70,000	01/16/2015		11		—
State Street Bank and Trust Co.	GBP	15,000		USD	23,484	01/16/2015		107		—
	NOK	100,000		USD	13,334	01/16/2015		—		(79	)
	SEK	4,053,000		USD	543,494	01/16/2015		23,563		—
	USD	2,685		SEK	20,000	01/16/2015		—		(119	)
	ZAR	220,000		USD	19,761	01/16/2015		776		—
								24,446		(198	)
UBS AG	BRL	419,000		USD	157,593	01/05/2015		—		(32	)
	CHF	23,000		USD	23,782	01/16/2015		644		—
	GBP	5,000		USD	7,897	01/16/2015		104		—
	NOK	3,211,000		USD	472,357	01/16/2015		41,663		—
	SEK	1,540,000		USD	196,311	01/16/2015		—		(1,245	)
	USD	162,624		BRL	419,000	01/05/2015		—		(4,998	)
	USD	24,912		EUR	20,000	01/16/2015		—		(708	)
	USD	4,714		GBP	3,000	01/16/2015		—		(38	)
	USD	205,234		JPY	24,700,000	01/16/2015		994		—
	USD	4,910		MXN	70,000	01/16/2015		—		(168	)
	USD	77,819		NOK	529,000	01/16/2015		—		(6,864	)
	USD	156,254		BRL	419,000	02/03/2015		145		—
								43,550		(14,053	)

65

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
	DKK	121,000		USD	20,229	01/16/2015	$	566	$	—
Westpac Banking Corp.	EUR	6,000		USD	7,464	01/16/2015		202		—
	GBP	60,000		USD	93,796	01/16/2015		288		—
	NOK	149,000		USD	21,224	01/16/2015		1,239		—
	NZD	111,000		USD	86,742	01/16/2015		241		—
	PLN	341,000		USD	101,179	01/16/2015		4,915		—
	SEK	69,000		USD	9,255	01/16/2015		404		—
	USD	21,452		ZAR	239,000	01/16/2015		—		(827	)
								7,855		(827	)
Net Unrealized Appreciation (Depreciation)							$	296,407	$	(80,720	)

AUD	—Australian Dollar	ILS	—Israeli Shekel	PLN	—Polish Zloty
BRL	—Brazilian Real	INR	—Indian Rupee	RUB	—Russian Ruble
CAD	—Canadian Dollar	JPY	—Japanese Yen	SEK	—Swedish Krona
CHF	—Swiss Franc	KRW	—South Korean Won	SGD	—Singapore Dollar
DKK	—Danish Krone	MXN	—Mexican Peso	TWD	—Taiwan Dollar
EUR	—Euro	MYR	—Malaysian Ringgit	USD	—United States Dollar
GBP	—British Pound Sterling	NOK	—Norwegian Krone	ZAR	—South African Rand
HKD	—Hong Kong Dollar	NZD	—New Zealand Dollar

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2014 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Advertising Agencies	$	135,874	$	213,395	$	—	$	349,269
Airlines		28,907		75,628		—		104,535
Appliances		—		117,776		—		117,776
Auto-Cars/Light Trucks		—		110,501		—		110,501
Banks-Commercial		190,691		715,054		—		905,745
Brewery		—		308,230		—		308,230
Building Products-Cement		149,536		91,706		—		241,242
Building-Residential/Commercial		—		110,679		—		110,679
Chemicals-Specialty		—		73,094		—		73,094
Diversified Banking Institutions		124,453		129,711		—		254,164
Diversified Financial Services		—		176,562		—		176,562
E-Commerce/Products		263,872		55,899		—		319,771
Electric Products-Misc.		—		123,177		—		123,177
Electronic Components-Semiconductors		156,410		141,148		—		297,558
Finance-Other Services		—		145,191		—		145,191
Food-Retail		—		146,086		—		146,086
Gas-Distribution		—		45,241		—		45,241
Industrial Gases		—		261,090		—		261,090
Insurance-Multi-line		—		217,427		—		217,427
Insurance-Property/Casualty		—		145,728		—		145,728
Internet Content-Information/News		—		69,842		—		69,842
Machinery-Electrical		—		124,393		—		124,393
Medical Instruments		—		105,884		—		105,884
Medical-Drugs		948,748		385,788		—		1,334,536
Metal Processors & Fabrication		—		232,071		—		232,071
Real Estate Management/Services		110,285		187,357		—		297,642
Real Estate Operations & Development		—		160,835		—		160,835
Rubber-Tires		—		57,972		—		57,972
Telephone-Integrated		—		127,224		—		127,224
Other Industries		6,986,592		—		—		6,986,592

66

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2014 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Foreign Government Obligations	$	—	$	6,176,103	$	—	$	6,176,103
U.S. Government Treasuries		—		429,877		—		429,877
Repurchase Agreements		—		335,000		—		335,000
Total Investments at Value	$	9,095,368	$	11,795,669	$	—	$	20,891,037
Other Financial Instruments:+
Open Forward Foreign Currency Contracts	$	—	$	296,407	$	—	$	296,407
LIABILITIES:
Other Financial Instruments:+
Open Futures Contracts	$	8,833	$	—	$	—	$	8,833
Open Forward Foreign Currency Contracts		—		80,720		—		80,720
Total Other Financial Instruments	$	8,833	$	80,720	$	—	$	89,553

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $1,939,907 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

67

Anchor Series Trust

STATEMENTS OF ASSETS AND LIABILITIES — December 31, 2014

	Government and Quality Bond Portfolio			Asset Allocation Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	1,669,381,159		$	213,200,059
Repurchase agreements (cost approximates value)		49,230,000			5,270,000
Total investments		1,718,611,159			218,470,059
Cash		20			248,626
Foreign cash*		—			—
Due from broker@		—			—
Receivable for:
Fund shares sold		2,535,418			34,624
Dividends and interest		6,548,644			914,941
Investments sold		185,344,705			474,493
Prepaid expenses and other assets		13,465			3,614
Due from investment adviser for expense reimbursements/fee waivers		—			—
Variation margin on futures contracts		—			—
Unrealized appreciation on forward foreign currency contracts		—			—
Total assets		1,913,053,411			220,146,357
LIABILITIES:
Payable for:
Fund shares redeemed		167,002			369,458
Investments purchased		332,342,436			928,628
Investment advisory and management fees		632,223			122,767
Service fees — Class 2		5,629			2,011
Service fees — Class 3		166,594			12,012
Transfer agent fees and expenses		308			222
Trustees' fees and expenses		3,829			747
Other accrued expenses		147,808			68,288
Variation margin on futures contracts		45,125			—
Unrealized depreciation on forward foreign currency contracts		—			—
Forward sales contracts, at value#		179,428,267			—
Total liabilities		512,939,221			1,504,133
Net Assets	$	1,400,114,190		$	218,642,224
NET ASSETS REPRESENTED BY:
Capital paid-in		1,335,163,978			159,352,381
Accumulated undistributed net investment income (loss)		17,265,149			5,531,806
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		4,434,868			20,741,899
Unrealized appreciation (depreciation) on investments		43,613,423			33,016,251
Unrealized appreciation (depreciation) on futures contracts		(48,578	)		—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			(113	)
Unrealized appreciation (depreciation) on forward sales contracts		(314,650	)		—
NET ASSETS	$	1,400,114,190		$	218,642,224
Class 1 (unlimited shares authorized):
Net assets	$	572,822,560		$	146,594,044
Shares of beneficial interest issued and outstanding		37,730,668			8,860,539
Net asset value, offering and redemption price per share	$	15.18		$	16.54
Class 2 (unlimited shares authorized):
Net assets	$	43,986,258		$	15,749,684
Shares of beneficial interest issued and outstanding		2,895,536			953,247
Net asset value, offering and redemption price per share	$	15.19		$	16.52
Class 3 (unlimited shares authorized):
Net assets	$	783,305,372		$	56,298,496
Shares of beneficial interest issued and outstanding		51,769,812			3,422,717
Net asset value, offering and redemption price per share	$	15.13		$	16.45
*Cost
Investments (unaffiliated)	$	1,625,767,736		$	180,183,808
Foreign cash	$	—		$	—
#  Proceeds from forward sales contracts	$	179,113,617		$	—

@ See Note 2

+ See Note 12

See Notes to Financial Statements

68

Growth and Income Portfolio		Growth Portfolio			Capital Appreciation Portfolio			Natural Resources Portfolio			Multi-Asset Portfolio+			Strategic Multi-Asset Portfolio
$	170,002,970	$	636,469,106		$	1,346,174,773		$	184,404,141		$	22,055,980		$	20,556,037
	3,270,000		10,930,000			26,525,000			7,455,000			1,985,000			335,000
	173,272,970		647,399,106			1,372,699,773			191,859,141			24,040,980			20,891,037
	4,080		14,165			4,859			1,457			4,515			3,837
	—		—			22			34			—			822
	—		—			—			—			20,798			9,378
	181,640		366,852			258,423			12,606,842			—			—
	188,503		645,442			321,036			52,118			52,504			76,846
	374,557		2,569,192			1,351,199			—			43,168			182,933
	3,344		5,703			12,892			6,141			1,177			1,997
	—		—			—			—			179,276			20,678
	—		—			—			—			6,520			31
	—		—			—			—			—			296,407
	174,025,094		651,000,460			1,374,648,204			204,525,733			24,348,938			21,483,966
	3,270		1,517,784			13,354,404			2,545			27,828			8,125
	1,939,824		2,765,266			—			—			1,862,049			247,183
	97,763		376,684			822,302			122,289			19,011			18,010
	—		3,183			7,318			1,244			—			—
	—		25,113			137,648			18,591			27			—
	74		314			290			277			74			55
	260		2,233			4,630			732			286			204
	49,209		81,731			126,419			58,308			145,705			62,232
	—		—			—			—			437			656
	—		—			—			—			—			80,720
	—		—			—			—			—			—
	2,090,400		4,772,308			14,453,011			203,986			2,055,417			417,185
$	171,934,694	$	646,228,152		$	1,360,195,193		$	204,321,747		$	22,293,521		$	21,066,781
	138,754,804		517,406,947			889,886,087			254,340,448			17,371,561			17,802,235
	930,028		3,870,592			(2,882	)		2,408,643			164,500			194,037
	8,058,006		91,846,129			228,081,998			(10,980,006	)		2,630,625			1,805,293
	24,191,856		33,104,770			242,231,133			(41,446,356	)		2,137,662			1,062,978
	—		—			—			—			(10,827	)		(8,833	)
	—		(286	)		(1,143	)		(982	)		—			211,071
	—		—			—			—			—			—
$	171,934,694	$	646,228,152		$	1,360,195,193		$	204,321,747		$	22,293,521		$	21,066,781
$	171,934,694	$	505,595,201		$	668,565,438		$	95,750,822		$	22,166,508		$	21,066,781
	13,775,638		16,123,783			14,111,966			5,013,721			2,713,378			2,451,032
$	12.48	$	31.36		$	47.38		$	19.10		$	8.17		$	8.60
$	—	$	24,699,952		$	56,609,554		$	10,238,090		$	—		$	—
	—		787,614			1,224,102			537,875			—			—
$	—	$	31.36		$	46.25		$	19.03		$	—		$	—
$	—	$	115,932,999		$	635,020,201		$	98,332,835		$	127,013		$	—
	—		3,704,000			13,950,912			5,192,010			15,593			—
$	—	$	31.30		$	45.52		$	18.94		$	8.15		$	—
$	145,811,114	$	603,364,336		$	1,103,943,640		$	225,850,497		$	19,918,318		$	19,493,059
$	—	$	—		$	22		$	35		$	—		$	822
$	—	$	—		$	—		$	—		$	—		$	—

69

Anchor Series Trust

STATEMENTS OF OPERATIONS — For the Year Ended December 31, 2014

	Government and Quality Bond Portfolio			Asset Allocation Portfolio
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	3,988,053
Interest (unaffiliated)		26,486,294			3,085,323
Total investment income*		26,486,294			7,073,376
EXPENSES:
Investment advisory and management fees		7,171,261			1,485,877
Service fee
Class 2		69,899			25,015
Class 3		1,999,738			140,924
Transfer agent fees and expenses		4,417			2,726
Custodian and accounting fees		210,223			84,401
Reports to shareholders		163,530			27,605
Audit and tax fees		46,037			41,471
Legal fees		37,681			14,147
Trustees' fees and expenses		60,510			10,658
Interest expense		—			—
Other expenses		51,583			25,320
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		9,814,879			1,858,144
Fees waived and expenses reimbursed by investment advisor (Note 3)		—			—
Fees paid indirectly (Note 4)		—			(281	)
Net expenses		9,814,879			1,857,863
Net investment income (loss)		16,671,415			5,215,513
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)		21,689,152			21,568,323
Net realized gain (loss) on futures contracts and written options contracts		482,344			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			(2,546	)
Net realized gain (loss) on investments and foreign currencies		22,171,496			21,565,777
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		26,525,118			(10,606,123	)
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(48,578	)		—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		—			(231	)
Change in unrealized appreciation (depreciation) on forward sales contracts		(370,759	)		—
Net unrealized gain (loss) on investments and foreign currencies		26,105,781			(10,606,354	)
Net realized and unrealized gain (loss) on investments and foreign currencies		48,277,277			10,959,423
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	64,948,692		$	16,174,936
*   Net of foreign withholding taxes on interest and dividends of	$	—		$	93,440
+  See Note 12

See Notes to Financial Statements

70

Growth and Income Portfolio			Growth Portfolio			Capital Appreciation Portfolio			Natural Resources Portfolio			Multi-Asset Portfolio+			Strategic Multi-Asset Portfolio
$	1,967,499		$	8,486,297		$	8,200,414		$	4,905,224		$	232,149		$	228,885
	1,265			5,704			12,283			2,175			164,009			192,093
	1,968,764			8,492,001			8,212,697			4,907,399			396,158			420,978
	929,371			4,138,339			9,299,196			1,746,838			223,215			215,595
	—			39,031			86,065			19,280			—			—
	—			303,510			1,585,131			279,381			302			—
	721			3,899			4,046			3,234			618			597
	25,403			87,679			153,297			49,072			25,121			59,988
	13,620			78,238			167,532			30,188			600			2,248
	36,687			36,713			36,979			36,881			40,892			48,372
	12,095			21,513			34,451			15,791			172,310			23,206
	5,508			26,485			59,811			11,059			1,040			1,013
	—			—			1,782			—			—			—
	23,693			36,648			35,152			18,812			32,521			15,403
	1,047,098			4,772,055			11,463,442			2,210,536			496,619			366,422
	—			—			—			—			(250,771	)		(61,301	)
	(170	)		(1,905	)		(20,195	)		(4,356	)		(13	)		(343	)
	1,046,928			4,770,150			11,443,247			2,206,180			245,835			304,778
	921,836			3,721,851			(3,230,550	)		2,701,219			150,323			116,200
	8,145,686			122,539,823			233,864,073			9,696,084			3,213,558			1,820,431
	—			—			—			—			(69,606	)		(30,061	)
	—			(21,684	)		(37,699	)		(59,474	)		—			440,266
	8,145,686			122,518,139			233,826,374			9,636,610			3,143,952			2,230,636
	8,781,677			(83,394,901	)		(44,170,003	)		(55,953,014	)		(1,256,317	)		(1,515,644	)
	—			—			—			—			12,040			9,646
	—			(286	)		(1,143	)		(1,119	)		—			205,920
	—			—			—			—			—			—
	8,781,677			(83,395,187	)		(44,171,146	)		(55,954,133	)		(1,244,277	)		(1,300,078	)
	16,927,363			39,122,952			189,655,228			(46,317,523	)		1,899,675			930,558
$	17,849,199		$	42,844,803		$	186,424,678		$	(43,616,304	)	$	2,049,998		$	1,046,758
$	2,006		$	65,738		$	76,767		$	250,284		$	1,203		$	13,958

71

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS

	Government and Quality Bond Portfolio
	For the year ended December 31, 2014			For the year ended December 31, 2013
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	16,671,415		$	14,861,861
Net realized gain (loss) on investments and foreign currencies		22,171,496			(5,813,983	)
Net unrealized gain (loss) on investments and foreign currencies		26,105,781			(36,913,455	)
Net increase (decrease) in net assets resulting from operations		64,948,692			(27,865,577	)
Distributions to shareholders from:
Net investment income — Class 1		(9,837,045	)		(9,428,479	)
Net investment income — Class 2		(772,053	)		(1,166,745	)
Net investment income — Class 3		(13,223,007	)		(17,206,144	)
Net realized gain on securities — Class 1		—			(3,631,121	)
Net realized gain on securities — Class 2		—			(486,740	)
Net realized gain on securities — Class 3		—			(7,369,966	)
Total distributions to shareholders		(23,832,105	)		(39,289,195	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		81,491,734			159,721,502
Total increase (decrease) in net assets		122,608,321			92,566,730
NET ASSETS:
Beginning of period		1,277,505,869			1,184,939,139
End of period†	$	1,400,114,190		$	1,277,505,869
† Includes accumulated undistributed net investment income (loss)	$	17,265,149		$	21,904,677
* See Note 12

See Notes to Financial Statements

72

Asset Allocation Portfolio						Growth and Income Portfolio						Growth Portfolio
For the year ended December 31, 2014			For the year ended December 31, 2013			For the year ended December 31, 2014			For the year ended December 31, 2013			For the year ended December 31, 2014			For the year ended December 31, 2013
$	5,215,513		$	5,060,446		$	921,836		$	704,260		$	3,721,851		$	3,115,645
	21,565,777			13,677,739			8,145,686			4,895,112			122,518,139			50,597,270
	(10,606,354	)		18,454,852			8,781,677			13,771,234			(83,395,187	)		86,534,714
	16,174,936			37,193,037			17,849,199			19,370,606			42,844,803			140,247,629
	(3,615,843	)		(4,465,507	)		(696,313	)		(203,675	)		(2,633,069	)		(2,618,467	)
	(359,729	)		(462,207	)		—			—			(102,689	)		(162,804	)
	(1,244,489	)		(1,302,658	)		—			—			(366,505	)		(655,097	)
	(4,068,814	)		—			(3,542,297	)		—			—			—
	(434,796	)		—			—			—			—			—
	(1,536,297	)		—			—			—			—			—
	(11,259,968	)		(6,230,372	)		(4,238,610	)		(203,675	)		(3,102,263	)		(3,436,368	)
	(18,668,496	)		(18,396,245	)		52,877,750			47,008,552			49,704,192			31,990,725
	(13,753,528	)		12,566,420			66,488,339			66,175,483			89,446,732			168,801,986
	232,395,752			219,829,332			105,446,355			39,270,872			556,781,420			387,979,434
$	218,642,224		$	232,395,752		$	171,934,694		$	105,446,355		$	646,228,152		$	556,781,420
$	5,531,806		$	5,220,687		$	930,028		$	704,032		$	3,870,592		$	3,244,639

73

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	Capital Appreciation Portfolio
	For the year ended December 31, 2014			For the year ended December 31, 2013
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(3,230,550	)	$	(4,075,936	)
Net realized gain (loss) on investments and foreign currencies		233,826,374			237,230,499
Net unrealized gain (loss) on investments and foreign currencies		(44,171,146	)		125,121,376
Net increase (decrease) in net assets resulting from operations		186,424,678			358,275,939
Distributions to shareholders from:
Net investment income — Class 1		—			—
Net investment income — Class 2		—			—
Net investment income — Class 3		—			—
Net realized gain on securities — Class 1		(109,880,909	)		(60,620,955	)
Net realized gain on securities — Class 2		(9,907,113	)		(6,492,067	)
Net realized gain on securities — Class 3		(113,026,027	)		(66,764,607	)
Total distributions to shareholders		(232,814,049	)		(133,877,629	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		115,832,302			(4,731,158	)
Total increase (decrease) in net assets		69,442,931			219,667,152
NET ASSETS:
Beginning of period		1,290,752,262			1,071,085,110
End of period†	$	1,360,195,193		$	1,290,752,262
† Includes accumulated undistributed net investment income (loss)	$	(2,882	)	$	(9,812	)

* See Note 12

See Notes to Financial Statements

74

Natural Resources Portfolio						Multi-Asset Portfolio*						Strategic Multi-Asset Portfolio
For the year ended December 31, 2014			For the year ended December 31, 2013			For the year ended December 31, 2014			For the year ended December 31, 2013			For the year ended December 31, 2014			For the year ended December 31, 2013
$	2,701,219		$	1,493,881		$	150,323		$	190,414		$	116,200		$	108,698
	9,636,610			(4,484,005	)		3,143,952			1,750,029			2,230,636			3,144,337
	(55,954,133	)		15,990,428			(1,244,277	)		1,689,802			(1,300,078	)		650,518
	(43,616,304	)		13,000,304			2,049,998			3,630,245			1,046,758			3,903,553
	(1,215,552	)		(878,635	)		(210,188	)		(234,735	)		(83,172	)		(504,755	)
	(115,003	)		(112,124	)		—			—			—			—
	(866,736	)		(876,329	)		(907	)		(1,113	)		—			—
	—			—			—			—			(2,938,927	)		(143,783	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	(2,197,291	)		(1,867,088	)		(211,095	)		(235,848	)		(3,022,099	)		(648,538	)
	15,268,130			(6,814,074	)		(2,312,355	)		(2,840,521	)		687,924			(2,216,415	)
	(30,545,465	)		4,319,142			(473,452	)		553,876			(1,287,417	)		1,038,600
	234,867,212			230,548,070			22,766,973			22,213,097			22,354,198			21,315,598
$	204,321,747		$	234,867,212		$	22,293,521		$	22,766,973		$	21,066,781		$	22,354,198
$	2,408,643		$	1,964,189		$	164,500		$	217,461		$	194,037		$	(258,072	)

75

ANCHOR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2014

Note 1.  Organization

Anchor Series Trust (the “Trust”), organized as a business trust under the laws of the Commonwealth of Massachusetts on August 26, 1983, is an open-end management investment company and consists of 8 separate series or portfolios (each, a “Portfolio” and collectively, the “Portfolios”). The Portfolios are managed by SunAmerica Asset Management, LLC (“SAAMCo” or the “Adviser”), an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). Shares of the Trust are issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (the “Variable Contracts”) of American General Life Insurance Company and The United States Life Insurance Company in the City of New York, each an affiliated insurance company of SAAMCo; and variable contracts issued by Phoenix Life Insurance Company, an unaffiliated life insurance company of SAAMCo. The life insurance companies listed above are collectively referred to as the “Life Companies.” All shares of the Trust are owned by “separate accounts” of the Life Companies. The Trust issues separate series of shares (the “Portfolios”), each of which represents a separate managed Portfolio of securities with its own investment goal. All shares may be purchased or redeemed at net asset value without any sales or redemption charge.

Class 1 shares, Class 2 shares and Class 3 shares of each Portfolio may be offered in connection with certain Variable Contracts. Class 2 and Class 3 shares of a given Portfolio are identical in all respects to Class 1 shares of the same Portfolio, except that (i) each class may bear differing amounts of certain class-specific expenses, (ii) Class 2 and Class 3 shares are subject to service fees, while Class 1 shares are not, and (iii) Class 2 and Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 2 and Class 3 shares. Class 2 and Class 3 shares of each Portfolio pay service fees at an annual rate of 0.15% and 0.25%, respectively, of each class’ average daily net assets.

The investment goal for each Portfolio is as follows:

The Government and Quality Bond Portfolio seeks relatively high current income, liquidity and security of principal by investing, under normal circumstances, at least 80% of net assets in obligations issued, guaranteed or insured by the U.S. government, its agencies or instrumentalities and in high quality corporate fixed income securities (rated AA– or better by Standard & Poor’s Corporation or Aa3 or better by Moody’s Investor Services, Inc. or its equivalent by any other nationally recognized statistical rating organization). “Net Assets” will take into account borrowing for investment purposes.

The Asset Allocation Portfolio seeks high total return (including income and capital gains) consistent with long-term preservation of capital by investing in a diversified portfolio that may include common stocks and other securities with common stock characteristics, bonds and other intermediate and long-term fixed income securities and money market instruments.

The Growth and Income Portfolio seeks to provide long-term capital appreciation and current income by investing at least 65% of total assets in core equity securities. “Core Equity Securities” are stocks, primarily of well-established companies, diversified by industry and company type that are selected based on their predictable or anticipated earnings growth and best relative value.

The Growth Portfolio seeks capital appreciation primarily through investments in core equity securities that are widely diversified by industry and company.

The Capital Appreciation Portfolio seeks long-term capital appreciation by investing primarily in growth equity securities across a wide range of industries and companies, using a wide-ranging and flexible stock selection approach.

The Natural Resources Portfolio seeks a total return, in excess of the U.S. rate of inflation as represented by the Consumer Price Index through investments primarily in equity securities of U.S. or foreign companies that are expected to provide favorable returns in periods of rising inflation, using a value-style investment approach. Under normal market circumstances, at least 80% of net assets are invested in securities related to natural resources, such as energy, metals, mining and forest products.

The Multi-Asset Portfolio† seeks long-term total investment return consistent with moderate investment risk by actively allocating the Portfolio’s assets among equity securities, investment grade fixed income securities and cash.

The Strategic Multi-Asset Portfolio seeks high long-term total investment return by actively allocating the Portfolio’s assets among equity securities of U.S. and foreign companies, large, medium and small company equity securities, global fixed income securities (including high-yield, high-risk bonds) and cash.

Indemnifications: The Trust’s organizational documents provide officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and

† On September 30, 2014, the Board of Trustees of the Trust (the “Board”) approved a change in the Multi-Asset Portfolio’s name to the “SA BlackRock Multi-Asset Income Portfolio”, along with certain changes to the Portfolio’s principal investment strategy and techniques. These changes became effective on January 12, 2015. See Note 12 for additional details.

76

each of the current trustees who is not an “interested person,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (collectively, the “Disinterested Trustees”), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business, the Trust enters into contracts that contain the obligation to indemnify others. The Trust’s maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

Note 2.  Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements:

Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolios would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Trustees (the “Board”), etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Portfolios’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of inputs used to value the Portfolios’ net assets as of December 31, 2014 is reported on a schedule following each Portfolio’s Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Portfolios use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Portfolio’s shares, and a Portfolio may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Portfolio determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Portfolios

77

may also fair value securities in other situations, for example, when a particular foreign market is closed but a Portfolio is open. For foreign equity securities and foreign equity futures contracts, the Portfolios use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures, other long-term debt securities, and short-term debt securities with maturities in excess of 60 days, are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to a Portfolio if acquired within 60 days of maturity or, if already held by a Portfolio on the 60th day, are amortized to maturity based on the value determined on the 61st day, and are generally categorized as Level 2.

Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Registered investment companies are generally categorized as Level 1.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded over the counter will be valued based upon the average of quotations received from at least two brokers in such securities or currencies, and are generally categorized as Level 1. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or over-the-counter market and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Portfolios, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Trust’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Derivative Instruments:

Forward Foreign Currency Contracts: Certain Portfolios may enter into forward contracts for various purposes, including to facilitate settlement of foreign currency denominated portfolio transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates, to hedge portfolio exposure to benchmark currency allocations, to manage and/or gain exposure to certain foreign currencies or to enhance total return. During the year ended December 31, 2014, the Strategic Multi-Asset Portfolio used forward contracts to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates and to enhance total return. As of December 31, 2014, the Strategic Multi-Asset Portfolio had open forward contracts, which are reported on a schedule following the Portfolio’s Portfolio of Investments.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Portfolio as unrealized appreciation or depreciation. On the settlement date, a Portfolio records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Portfolios of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio’s loss will generally consist of the net amount of contractual payments that the Portfolio has not yet received though the Portfolio’s maximum risk due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may

78

involve market risk in excess of the unrealized appreciation or depreciation reported on the Statements of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other Portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures: Certain of the Portfolios may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, to manage duration and yield curve positioning, or to enhance income or total return. During the year ended December 31, 2014, the Government and Quality Bond, Multi-Asset and the Strategic Multi-Asset Portfolios used futures contracts to attempt to increase or decrease exposure to equity and bond markets and to manage duration and yield curve positioning. As of December 31, 2014, the following Portfolios had open futures contracts: Government and Quality Bond Portfolio, Multi-Asset Portfolio and Strategic Multi-Asset Portfolio, which are reported on a schedule following each Portfolio’s Portfolio of Investments.

Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Portfolio will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by the Portfolio as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statements of Assets and Liabilities as variation margin for changes in the value of the contracts and as due to/from broker for the changes in the value of the initial margin requirement. When a contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to the Portfolios of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While the Portfolios will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, a Portfolio may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Portfolio has insufficient cash to meet margin requirements, the Portfolio may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to the Portfolios since the futures contracts are generally exchange-traded.

At December 31, 2014, the amount shown in the Statements of Assets and Liabilities as due from broker for the Multi-Asset Portfolio and the Strategic Multi-Asset Portfolio includes amounts set aside for margin requirements for open futures contracts.

Options: Certain Portfolios may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Portfolio’s market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Portfolio’s securities or an increase in prices of securities that may be purchased, or to generate income. During the year ended December 31, 2014, the Capital Appreciation Portfolio used purchased options contracts to seek protection against a decline in value of the Portfolio’s securities. As of December 31, 2014, none of the Portfolios had open options contracts.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Portfolio writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statements of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio’s Statements of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Portfolio has written either expires on its stipulated expiration date, or if the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Portfolio has written is exercised, the Portfolio realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Portfolio has written is exercised, the amount of the premium originally received reduces the cost of the security which the Portfolio purchased upon exercise of the option. Options may be traded on a national securities exchange or in the over-the-counter (OTC) market.

Risks to the Portfolios of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio’s loss will consist of the net amount of contractual payments that the Portfolio has not yet received.

79

Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby. During the year ended December 31, 2014, none of the Portfolios had transactions in options written.

Master Agreements: Certain Portfolios that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Portfolio and applicable counterparty. Collateral requirements are generally determined based on a Portfolio’s net position with each counterparty. Master Agreements may also include certain provisions that require a Portfolio to post additional collateral upon the occurrence of certain events, such as when a Portfolio’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Portfolio may also occur upon a decline in the Portfolio’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Portfolio’s counterparties to elect early termination could cause a Portfolio to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Portfolio’s financial statements. See additional information on specific types of derivative instruments and other financial instruments as disclosed in the Notes to Financial Statements. The Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following tables represent the value of derivatives held as of December 31, 2014, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities and the effect of derivatives on the Statements of Operations for the year ended December 31, 2014. For detailed presentation of derivatives held as of December 31, 2014, please refer to each Portfolio’s Portfolio of Investments.

	Government and Quality Bond Portfolio
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Interest rate contracts(2)(3)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	45,125

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in Statements of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	482,344	$	(48,578	)

(1) The Portfolio’s derivative contracts held during the year ended December 31, 2014, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for interest rate futures contracts was $9,259,781.

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(48,578) as reported in the Portfolio of Investments.

	Capital Appreciation Portfolio
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)	Call and put options purchased, at value	$	—	Call and put options purchased, at value	$	—

80

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in Statements of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of  Operations
Equity contracts(2)(3)(4)	Net realized gain (loss) on purchased options contracts/Change in unrealized appreciation (depreciation) on purchased options contracts	$	(1,029,096	)	$	822,689

(1) The Portfolio’s derivative contracts held during the year ended December 31, 2014, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity purchased options contracts was $41,880.

(3) Net realized gain (loss) on purchased options is included in net realized gain (loss) on investments (unaffiliated) line of the Statement of Operations.

(4) The change in unrealized appreciation (depreciation) on purchased options is included in change in unrealized appreciation (depreciation) on investments (unaffiliated) line of the Statement of Operations.

	Multi-Asset Portfolio
	Asset Derivatives			Liability Derviatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts (2)(4)	Variation margin on futures contracts	$	6,520	Variation margin on futures contracts	$	—
Interest rate contracts (3)(4)	Variation margin on futures contracts		—	Variation margin on futures contracts		437
		$	6,520		$	437

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in  Statements of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of  Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(70,197	)	$	14,685
Interest rate contracts(3)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		591			(2,645	)
		$	(69,606	)	$	12,040

(1) The Portfolio’s derivative contracts held during the year ended December 31, 2014, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $475,595.

(3) The average value outstanding for interest rate futures was $146,592.

(4) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(10,827) as reported in the Portfolio of Investments.

	Strategic Multi-Asset Portfolio
	Asset Derivatives			Liability Derviatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	—
Interest rate contracts(3)(5)	Variation margin on futures contracts		31	Variation margin on futures contracts		656
Foreign exchange contracts(3)	Unrealized appreciation on forward foreign currency contracts		296,407	Unrealized depreciation on forward foreign currency contracts		80,720
		$	296,438		$	81,376

81

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in Statements of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of  Operations
Equity contracts (2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(6,468	)	$	16,854
Interest rate contracts (3)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(23,593	)		(7,208	)
Foreign exchange contracts (4)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		452,266			210,508
		$	422,205		$	220,154

(1) The Portfolio’s derivative contracts held during the year ended December 31, 2014, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $182,220.

(3) The average value outstanding for interest rate futures was $404,254.

(4) The average notional amount outstanding for forward foreign currency contracts was $11,869,853.

(5) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(8,833) as reported in the Portfolio of Investments.

As of December 31, 2014, the following tables represent derivative and financial assets and liabilities (by type) on a gross basis and related collateral pledged for derivatives and financial instruments subject to master netting arrangements. If a Portfolio does not have a derivative or financial asset or liability a table will not be presented. Futures contracts are presented at the variation margin receivable or payable. The repurchase agreements held by a Portfolio as of December 31, 2014, are also subject to master netting agreements but are not included in the following tables. See the Portfolio of Investments and Notes to the Financial Statements for more information about a Portfolio’s holdings in repurchase agreements.

Liabilities:	Government and Quality Bond Portfolio
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Liabilities Presented in the Statements  of Assets and Liabilities
Derivatives:
Interest rate contracts
Exchange traded	$	45,125	$	—	$	45,125
Total derivatives, subject to a master netting arrangement or similar arrangement	$	45,125	$	—	$	45,125

	Net Amount of Liabilities in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Pledged@
JP Morgan Chase Bank*	$	45,125	$	(45,125	)	$	—	$	—

Assets:	Multi-Asset Portfolio
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements  of Assets and Liabilities
Derivatives:
Equity contracts
Exchange traded	$	6,520	$	—	$	6,520
Total derivatives, subject to a master netting arrangement or similar arrangement	$	6,520	$	—	$	6,520

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

82

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — JP Morgan Chase Bank as Futures Commission Merchant

	Net Amount of Assets in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Goldman Sachs & Co.*	$	6,520	$	(437	)	$	—	$	6,083

Liabilities:	Multi-Asset Portfolio
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Liabilities Presented in the Statements  of Assets and Liabilities
Derivatives:
Interest rate contracts
Exchange traded	$	437	$	—	$	437
Total derivatives, subject to a master netting arrangement or similar arrangement	$	437	$	—	$	437

	Net Amount of Liabilities in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Pledged@
Goldman Sachs & Co.*	$	437	$	(437	)	$	—	$	—

Assets:	Strategic Multi-Asset Portfolio
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements  of Assets and Liabilities
Derivatives:
Interest rate contracts	$	31	$	—	$	31
Exchange traded
Foreign exchange contracts
Over-the-counter		296,407		—		296,407
Total derivatives, subject to a master netting arrangement or similar arrangement	$	296,438	$	—	$	296,438

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

83

	Net Amount of Assets in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Bank of America, N.A	$	64,800	$	(7,375	)	$	—	$	57,425
Barclays Bank PLC		724		(724	)		—		—
BNP Paribas SA		3,066		(196	)		—		2,870
Citibank N.A		4,146		(1,186	)		—		2,960
Commonwealth Bank of Australia		40		(7	)		—		33
Deutsche Bank AG London		1,252		(190	)		—		1,062
Goldman Sachs & Co.*		31		(31	)		—		—
Goldman Sachs International		18,718		(361	)		—		18,357
HSBC Bank USA		1,725		(1,725	)		—		—
JPMorgan Chase Bank.		20,521		(6,940	)		—		13,581
Morgan Stanley and Co. International PLC		73,261		(20,304	)		—		52,957
National Australia Bank, Ltd. .		13,352		(1,486	)		—		11,866
Royal Bank of Canada.		18,940		—			—		18,940
Standard Chartered Bank.		11		—			—		11
State Street Bank and Trust Co		24,446		(198	)		—		24,248
UBS AG		43,550		(14,053	)		—		29,497
Westpac Banking Corp		7,855		(827	)		—		7,028
	$	296,438	$	(55,603	)	$	—	$	240,835

Liabilities:	Strategic Multi-Asset Portfolio
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Liabilities Presented in the Statements  of Assets and Liabilities
Derivatives:
Interest rate contracts
Exchange traded	$	656	$	—	$	656
Foreign exchange contracts
Over the counter		80,720		—		80,720
Total derivatives, subject to a master netting arrangement or similar arrangement	$	81,376	$	—	$	81,376

	Net Amount of Liabilities in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Pledged@
Bank of America N.A.	$	7,375	$	(7,375	)	$	—	$	—
Barclays Bank PLC		4,312		(724	)		—		3,588
BNP Paribas SA		196		(196	)		—		—
Citibank N.A		1,186		(1,186	)		—		—
Commonwealth Bank of Australia		7		(7	)		—		—
Credit Suisse International		20,762		—			—		20,762
Deutsche Bank AG London		190		(190	)		—		—
Goldman Sachs & Co. *		656		(31	)		—		625
Goldman Sachs International		361		(361	)		—		—
HSBC Bank USA		2,523		(1,725	)		—		798
JPMorgan Chase Bank.		6,940		(6,940	)		—		—
Morgan Stanley and Co. International PLC		20,304		(20,304	)		—		—
National Australia Bank, Ltd. .		1,486		(1,486	)		—		—
State Street Bank and Trust Co		198		(198	)		—		—
UBS AG		14,053		(14,053	)		—		—
Westpac Banking Corp.		827		(827	)		—		—
	$	81,376	$	(55,603	)	$	—	$	25,773

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

84

Foreign Currency Translation: The books and records of the Portfolios are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the year.

Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the year.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates and realized gains and losses on forward foreign currency contracts.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Portfolios amortize all premiums and accrete all discounts on fixed income securities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statements of Operations.

Portfolios which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and other countries’ tax regulations require that taxes be paid on capital gains realized by a Portfolio.

Distributions received from a Portfolio’s investments in U.S. real estate investment trusts (“REITS”) often include a “return of capital” which is recorded as a reduction to the cost basis of the securities held.

Net investment income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital shares activity of the respective class).

Expenses common to all Portfolios, not directly related to individual Portfolios are allocated among the Portfolios based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Portfolio as incurred on a specific identification basis.

Dividends from net investment income and capital gain distributions, if any, are paid annually for all Portfolios. The Portfolios record dividends and distributions to their shareholders on the ex-dividend date.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Portfolio is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Portfolio also intends to distribute sufficient net investment income and net capital gains, if any, so that each Portfolio will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2011 – 2013 or expected to be taken in each Portfolio’s 2014 tax return. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. With few exceptions, the Portfolios are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2011.

Repurchase Agreements: The Portfolios, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S.

85

Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Portfolio may be delayed or limited.

As of December 31, 2014, the following Portfolios held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		16.00	%	$	8,740,000
Growth and Income		1.06			580,000
Growth		3.55			1,940,000
Capital Appreciation		8.61			4,705,000
Natural Resources		2.42			1,320,000
Multi-Asset		0.64			350,000
Strategic Multi-Asset		0.10			55,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

Bank of America Securities LLC, dated December 31, 2014, bearing interest at a rate of 0.05% per annum, with a principal amount of $54,620,000, a repurchase price of $54,620,152, and a maturity date of January 2, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		0.75	%		02/28/2018	$	4,826,000	$	4,765,530
U.S. Treasury Notes		3.13	%		05/15/2019	$	47,738,400	$	51,031,395

As of December 31, 2014, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital PLC:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		15.97	%	$	11,205,000
Growth and Income		1.08			755,000
Growth		3.55			2,490,000
Capital Appreciation		8.61			6,040,000
Natural Resources		2.42			1,700,000
Multi-Asset		0.66			460,000
Strategic Multi-Asset		0.12			85,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

Barclays Capital PLC, dated December 31, 2014, bearing interest at a rate of 0.05% per annum, with a principal amount of $70,150,000, a repurchase price of $70,150,195, and a maturity date of January 2, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		2.13	%		01/31/2021	$	69,753,000	$	71,283,381

As of December 31, 2014, the following Portfolios held an undivided interest in the joint repurchase agreement with BNP Paribas SA:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		15.99	%	$	11,190,000
Growth and Income		1.06			740,000
Growth		3.55			2,485,000
Capital Appreciation		8.62			6,030,000
Natural Resources		2.42			1,695,000
Multi-Asset		0.64			450,000
Strategic Multi-Asset		0.11			75,000

86

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

BNP Paribas SA, dated December 31, 2014, bearing interest at a rate of 0.05% per annum, with a principal amount of $69,965,000, a repurchase price of $69,965,194, and a maturity date of January 2, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		3.13	%		05/15/2021	$	66,418,700	$	71,420,692

As of December 31, 2014, the following Portfolios held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		16.00	%	$	6,905,000
Growth and Income		1.05			455,000
Growth		3.54			1,530,000
Capital Appreciation		8.62			3,720,000
Natural Resources		2.42			1,045,000
Multi-Asset		0.64			275,000
Strategic Multi-Asset		0.10			45,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

Deutsche Bank AG, dated December 31, 2014, bearing interest at a rate of 0.09% per annum, with a principal amount of $43,165,000, a repurchase price of $43,165,216, and a maturity date of January 2, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		1.38	%		07/31/2018	$	43,792,000	$	44,047,307

As of December 31, 2014, the following Portfolios held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		15.99	%	$	11,190,000
Growth and Income		1.06			740,000
Growth		3.55			2,485,000
Capital Appreciation		8.62			6,030,000
Natural Resources		2.42			1,695,000
Multi-Asset		0.64			450,000
Strategic Multi-Asset		0.11			75,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

RBS Securities, Inc. dated December 31, 2014, bearing interest at a rate of 0.06% per annum, with a principal amount of $69,965,000, a repurchase price of $69,965,233, and a maturity date of January 2, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		3.63	%		02/15/2021	$	64,135,000	$	71,426,508

Mortgage-Backed Dollar Rolls: During the year ended December 31, 2014, the Government and Quality Bond Portfolio and Multi-Asset Portfolio entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Portfolios’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. The Government and Quality Bond Portfolio and Multi-Asset Portfolio had TBA Rolls outstanding at period end, which are included in receivable for investments sold and payable for investments purchased in the Statements of Assets and Liabilities. TBA Roll transactions involve the risk that the market value of the securities held by a Portfolio may decline below the price of the securities that the Portfolio has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Portfolio’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio’s obligation to repurchase the securities. The return earned by a Portfolio with the proceeds of the dollar roll transaction may not exceed the transaction costs. For the year ended December 31, 2014, the Government and Quality Bond Portfolio and Multi-Asset Portfolio had realized gains (losses) from mortgage-backed dollar rolls of $10,723,774 and $92,057, respectively.

When-Issued Securities and Forward Commitments: The Portfolios may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Portfolio may purchase or sell securities on a

87

forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Portfolios may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. For the year ended December 31, 2014, the Government and Quality Bond Portfolio and Multi-Asset Portfolio purchased and/or sold when-issued securities and/or sold forward commitments.

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are derivative multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio’s yield.

Note 3. Investment Advisory Agreement and Other Transactions with Affiliates

The Trust has entered into an Investment Advisory and Management Agreement (the “Management Agreement”) with SAAMCo with respect to each Portfolio. SAAMCo serves as manager for each of the Portfolios. The Management Agreement provides that SAAMCo shall act as investment adviser to the Trust; manage the Trust’s investments; administer its business affairs; furnish offices, necessary facilities and equipment; provide clerical, bookkeeping and administrative services; and permit any of its officers or employees to serve, without compensation, as trustees or officers of the Trust, if duly elected to such positions.

The Trust pays SAAMCo a monthly fee, calculated daily at the following annual percentages of each Portfolio’s average daily net assets:

Portfolio	Average Daily Net Assets		Management Fee
Government and
Quality Bond		$0-$200 million		.625%
	>	$200 million		.575%
	>	$500 million		.500%
Asset Allocation		$0-$50 million		.750%
	>	$50 million		.650%
	>	$150 million		.600%
	>	$250 million		.550%
Growth and Income		$0-$100 million		.700%
	>	$100 million		.650%
	>	$250 million		.600%
	>	$500 million		.575%

Portfolio	Average Daily Net Assets		Management Fee
Growth		$0-$250 million		.750%
	>	$250 million		.675%
	>	$500 million		.600%
Capital Appreciation		$0-$50 million		.750%
	>	$50 million		.725%
	>	$100 million		.700%
Natural Resources	>	$0		.750%
Multi-Asset		$0-$200 million		1.000%
	>	$200 million		.875%
	>	$500 million		.800%
Strategic Multi-Asset		$0-$200 million		1.000%
	>	$200 million		.875%
	>	$500 million		.800%

Wellington Management Company, LLP (“Wellington Management”) and EDGE Asset Management, Inc. (“EDGE”), act as Subadvisers to the Trust pursuant to Subadvisory Agreements with SAAMCo. Under the Subadvisory Agreements, Wellington Management and EDGE manage the investment and reinvestment of the assets of the Portfolios of the Trust. Wellington Management and EDGE are independent of SAAMCo and discharge their responsibilities subject to the policies of the Board and oversight and supervision of SAAMCo, which pays Wellington Management and EDGE fees out of advisory fees it receives from the Portfolios.

The portion of the investment advisory fee received by SAAMCo which is paid to Wellington Management for all Portfolios except Asset Allocation which is paid to EDGE, are as follows:

Portfolio	Average Daily Net Assets		Subadvisory Fee
Government and
Quality Bond		$0-$50 million		.225%
	>	$50 million		.125%
	>	$100 million		.100%
Asset Allocation		$0-$50 million		.400%
	>	$50 million		.300%
	>	$150 million		.250%
	>	$250 million		.200%

Portfolio	Average Daily Net Assets		Subadvisory Fee
Growth and Income		$0-$50 million		.325%
	>	$50 million		.225%
	>	$150 million		.200%
	>	$500 million		.150%
Growth		$0-$50 million		.325%
	>	$50 million		.225%
	>	$150 million		.200%
	>	$500 million		.150%

88

Portfolio	Average Daily Net Assets		Subadvisory Fee
Capital Appreciation		$0-$50 million		.375%
	>	$50 million		.275%
	>	$150 million		.250%
Natural Resources		$0-$50 million		.350%
	>	$50 million		.250%
	>	$150 million		.200%
	>	$500 million		.150%

Portfolio	Average Daily Net Assets		Subadvisory Fee
Multi-Asset		$0-$50 million		.250%
	>	$50 million		.175%
	>	$150 million		.150%
Strategic Multi-Asset		$0-$50 million		.300%
	>	$50 million		.200%
	>	$150 million		.175%
	>	$500 million		.150%

For the year ended December 31, 2014, SAAMCo accrued fees of $25,209,692 from the Trust, of which SAAMCo informed the Trust that $17,411,708 was retained and $7,797,984 was paid to Wellington Management and EDGE, collectively.

Class 2 and Class 3 shares of each Portfolio are subject to a Rule 12b-1 plan that provides for service fees payable at the annual rate of 0.15% and 0.25%, of the average daily net assets of such Class 2 and Class 3 shares, respectively. The service fees will be used to compensate the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios’ Class 2 and Class 3 shares.

The Trust has entered into a Transfer Agency and Services Agreement with VALIC Retirement Services Company (VRSCO), a wholly owned subsidiary of the Variable Annuity Life Insurance Company (“VALIC”), which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust, SunAmerica Series Trust and Seasons Series Trust pay VRSCO an annual fee in the aggregate amount of $150,000 for Transfer Agency Services provided pursuant to the agreement, which is allocated based on shareholder accounts. Accordingly, for the period ended December 31, 2014, transfer agent fees were paid (see Statements of Operations) based on the aforementioned agreement.

SAAMCo has contractually agreed to waive its fees and/or reimburse expenses to the extent the Total Annual Portfolio Operating Expenses of the Multi-Asset Portfolio exceed 1.10% for Class 1 shares and 1.35% for Class 3 shares, respectively, through April 30, 2015. Further, effective July 1, 2014, SAAMCo is voluntarily waiving fees and/or reimbursing expenses, if necessary, for the Strategic Multi-Asset Portfolio, so that the annual operating expenses do not exceed 1.20% for Class 1. For the purposes of waived fee and/or reimbursed expense calculations, Annual Fund Operating Expenses shall not include extraordinary expenses, as determined under GAAP, litigation, or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of a Portfolio’s business. Any voluntary or contractual waivers or reimbursements made by SAAMCo with respect to the Multi-Asset and Strategic Multi-Asset Portfolios are subject to recoupment from each Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the Portfolios are able to effect such payment to SAAMCo and remain in compliance with their contractual expense limitations in effect at the time the waivers and/or reimbursements were made. The contractual fee waivers and/or expense limitations may be modified or discontinued prior to April 30, 2015, only with the approval of the Board. For the year ended December 31, 2014, pursuant to the contractual and voluntary expense limitations mentioned above, SAAMCo waived fees and/or reimbursed expenses as follows:

Portfolio	Amount
Multi Asset — Class 1	$	249,376
Multi Asset — Class 3		1,395
Strategic Multi-Asset		61,301

For the year ended December 31, 2014, expenses previously waived and/or reimbursed by SAAMCo that are subject to recoupment and expire during the time period indicated are as follows:

	Balance Subject to Recoupment
Portfolio	December 31, 2015		December 31, 2016
Multi Asset — Class 1	$	97,003	$	249,376
Multi Asset — Class 3		470		1,395
Strategic Multi-Asset		—		61,301

89

Note 4.  Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Portfolios set forth below have been reduced. For the year ended December 31, 2014, the amount of expense reductions received by each Portfolio used to offset non-affiliated expenses were as follows:

Portfolio	Total Expense Reductions
Asset Allocation	$	281
Growth and Income		170
Growth		1,905
Capital Appreciation		20,195
Natural Resources		4,356
Multi-Asset		13
Strategic Multi-Asset		343

Note 5.  Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended December 31, 2014 were as follows:

	Government and Quality Bond Portfolio		Asset Allocation Portfolio		Growth and Income Portfolio		Growth Portfolio		Capital Appreciation Portfolio		Natural Resources Portfolio		Multi-Asset Portfolio		Strategic Multi-Asset Portfolio
Purchases (excluding U.S. government securities)	$	98,947,183	$	60,505,057	$	134,467,755	$	742,381,886	$	1,193,784,151	$	206,354,736	$	15,391,764	$	19,158,487
Sales (excluding U.S. government securities)		43,182,032		77,270,727		85,023,434		689,860,232		1,322,421,227		205,743,626		17,894,365		20,370,092
Purchases of U.S. government securities		1,699,287,084		3,975,122		—		—		—		—		3,822,991		845,711
Sales of U.S. government securities		1,627,567,503		9,045,492		—		—		—		—		3,449,659		764,152

Note 6.  Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, amortization of premium/discount, contingent payment debt instruments, investments in partnerships, treatment of defaulted securities and derivative transactions.

	For the year ended December 31, 2014
	Distributable Earnings								Tax Distributions
Portfolio	Ordinary Income		Long-Term Gains/ Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains
Government and Quality Bond	$	24,873,809	$	331,560		$	40,493,059		$	23,832,105	$	—
Asset Allocation		5,952,897		20,555,508			32,781,881			5,220,061		6,039,907
Growth and Income		4,007,691		5,037,890			24,134,395			3,728,579		510,031
Growth		3,872,040		93,501,275			31,449,344			3,102,263		—
Capital Appreciation		73,679,791		156,202,428			240,636,171			103,154,500		129,659,549
Natural Resources		2,410,081		(7,077,357	)		(45,351,004	)		2,197,291		—
Multi-Asset		377,745		2,476,551			2,134,275			211,095		—
Strategic Multi-Asset		1,038,832		1,426,979			949,592			1,774,675		1,247,424

* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

	For the year ended December 31, 2013
	Tax Distributions
	Ordinary Income		Long-Term Capital Gains
Government & Quality Bond	$	38,030,362	$	1,258,833
Asset Allocation		6,230,372		—
Growth and Income		203,675		—
Growth		3,436,368		—
Capital Appreciation		17,744,590		116,133,039
Natural Resources		1,867,088		—
Multi-Asset		235,848		—
Strategic Multi-Asset		504,755		143,783

90

As of December 31, 2014, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

Fund	Capital Loss Carryforward†				Unlimited†
	2017		2018		ST		LT
Government and Quality Bond	$	—	$	—	$	—	$	—
Asset Allocation		—		—		—		—
Growth and Income		—		—		—		—
Growth		—		—		—		—
Capital Appreciation		—		—		—		—
Natural Resources		—		—		528,608		6,548,749
Multi-Asset		—		—		—		—
Strategic MultiAsset		—		—		—		—

† On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.

The Portfolios indicated below, utilized capital loss carryforwards, which offset net taxable gains realized in the year ended December 31, 2014.

Portfolio	Capital Loss Carryforward Utilized
Government & Quality Bond	$	10,152,745
Asset Allocation		—
Growth and Income		—
Growth		28,559,129
Capital Appreciation		—
Natural Resources		9,456,317
Multi-Asset		385,613
Strategic Multi-Asset		—

For the year ended December 31, 2014, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to treatment of foreign currency, principal paydown adjustments, amortization premium/discount, net operating loss, investments in partnerships, contingent payment debt instruments, and sale of passive foreign investment companies to the components of net assets as follows:

Portfolio	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Government & Quality Bond	$	2,521,162		$	(2,521,162	)	$	—
Asset Allocation		315,667			(286,847	)		(28,820	)
Growth and Income		473			(473	)		—
Growth		6,365			(6,365	)		—
Capital Appreciation		3,237,480			(3,237,480	)		—
Natural Resources		(59,474	)		59,474			—
Multi-Asset		7,811			(7,811	)		—
Strategic Multi-Asset		419,081			(419,081	)		—

As of December 31, 2014, the amounts of the aggregate unrealized gain (loss) and the cost of investment securities for federal income tax purposes, including short-term securities and repurchase agreements, were as follows:

Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain/(Loss)			Cost of Investments
Government and Quality Bond	$	42,135,833	$	(1,328,124	)	$	40,807,709		$	1,677,803,450
Asset Allocation		36,112,261		(3,330,267	)		32,781,994			185,688,065
Growth and Income		25,436,137		(1,301,742	)		24,134,395			149,138,575
Growth		61,285,537		(29,835,911	)		31,449,626			615,949,480
Capital Appreciation		275,453,931		(34,816,617	)		240,637,314			1,132,062,459
Natural Resources		1,568,070		(46,918,092	)		(45,350,022	)		237,209,163
Multi-Asset		2,415,568		(281,293	)		2,134,275			21,906,075
Strategic Multi-Asset		1,747,062		(811,675	)		935,387			19,955,650

91

Note 7.  Capital Share Transactions

Transactions in capital shares of each class of each Portfolio were as follows:

	Government and Quality Bond Portfolio
	Class 1												Class 2
	For the year ended December 31, 2014						For the year ended December 31, 2013						For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		10,900,124		$	164,126,032			11,650,396		$	177,279,065			151,740		$	2,288,034			329,258		$	4,965,103
Reinvested dividends		659,934			9,837,045			898,734			13,059,600			51,741			772,053			113,711			1,653,485
Shares redeemed		(2,451,317	)		(36,873,514	)		(4,921,558	)		(75,042,920	)		(670,054	)		(10,084,840	)		(964,351	)		(14,705,061	)
Net increase (decrease)		9,108,741		$	137,089,563			7,627,572		$	115,295,745			(466,573	)	$	(7,024,753	)		(521,382	)	$	(8,086,473	)
	Government and Quality Bond Portfolio
	Class 3
	For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount
Shares sold		5,180,331		$	77,767,589			11,937,196		$	179,687,704
Reinvested dividends		889,449			13,223,007			1,695,634			24,576,110
Shares redeemed		(9,316,131	)		(139,563,672	)		(9,988,059	)		(151,751,584	)
Net increase (decrease)		(3,246,351	)	$	(48,573,076	)		3,644,771		$	52,512,230
	Asset Allocation Portfolio
	Class 1												Class 2
	For the year ended December 31, 2014						For the year ended December 31, 2013						For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		183,678		$	3,035,169			272,977		$	4,153,283			66,358		$	1,081,948			103,380		$	1,563,540
Reinvested dividends		468,744			7,684,657			295,650			4,465,507			48,508			794,525			30,632			462,207
Shares redeemed		(1,641,929	)		(27,158,439	)		(1,982,619	)		(30,307,144	)		(278,434	)		(4,588,405	)		(231,732	)		(3,525,388	)
Net increase (decrease)		(989,507	)	$	(16,438,613	)		(1,413,992	)	$	(21,688,354	)		(163,568	)	$	(2,711,932	)		(97,720	)	$	(1,499,641	)
	Class 3
	For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount
Shares sold		453,253		$	7,450,792			888,846		$	13,533,925
Reinvested dividends		170,482			2,780,786			86,628			1,302,658
Shares redeemed		(592,624	)		(9,749,529	)		(662,113	)		(10,044,833	)
Net increase (decrease)		31,111		$	482,049			313,361		$	4,791,750
	Growth and Income Portfolio
	Class 1
	For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount
Shares sold		4,232,742		$	50,086,901			5,000,772		$	49,528,210
Reinvested dividends		352,457			4,238,610			20,004			203,675
Shares redeemed		(125,120	)		(1,447,761	)		(287,295	)		(2,723,333	)
Net increase (decrease)		4,460,079		$	52,877,750			4,733,481		$	47,008,552
	Growth Portfolio
	Class 1												Class 2
	For the year ended December 31, 2014						For the year ended December 31, 2013						For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,363,875		$	101,714,509			3,860,894		$	98,442,635			36,774		$	1,080,725			24,028		$	584,414
Reinvested dividends		84,705			2,633,069			99,233			2,618,467			3,302			102,689			6,167			162,804
Shares redeemed		(1,073,149	)		(32,207,809	)		(1,370,030	)		(34,476,245	)		(178,103	)		(5,392,421	)		(270,426	)		(6,879,187	)
Net increase (decrease)		2,375,431		$	72,139,769			2,590,097		$	66,584,857			(138,027	)	$	(4,209,007	)		(240,231	)	$	(6,131,969	)

92

	Class 3
	For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount
Shares sold		197,492		$	5,935,403			179,355		$	4,492,106
Reinvested dividends		11,803			366,505			24,855			655,097
Shares redeemed .		(813,411	)		(24,528,478	)		(1,315,875	)		(33,609,366	)
Net increase (decrease)		(604,116	)	$	(18,226,570	)		(1,111,665	)	$	(28,462,163	)
	Capital Appreciation Portfolio
	Class 1												Class 2
	For the year ended December 31, 2014						For the year ended December 31, 2013						For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		1,102,507		$	54,545,127			1,186,566		$	54,248,716			25,516		$	1,229,412			39,374		$	1,720,943
Reinvested dividends		2,360,865			109,880,909			1,330,450			60,620,955			217,965			9,907,113			145,105			6,492,067
Shares redeemed .		(1,656,060	)		(81,843,561	)		(2,059,615	)		(93,741,869	)		(249,916	)		(12,176,123	)		(316,862	)		(14,307,510	)
Net increase (decrease)		1,807,312		$	82,582,475			457,401		$	21,127,802			(6,435	)	$	(1,039,598	)		(132,383	)	$	(6,094,500	)
	Class 3
	For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount
Shares sold .		894,550		$	42,771,849			1,123,291		$	50,465,856
Reinvested dividends		2,525,647			113,026,027			1,510,153			66,764,607
Shares redeemed .		(2,568,781	)		(121,508,451	)		(3,078,692	)		(136,994,923	)
Net increase (decrease)		851,416		$	34,289,425			(445,248	)	$	(19,764,460	)
	Natural Resources Portfolio
	Class 1												Class 2
	For the year ended December 31, 2014						For the year ended December 31, 2013						For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		1,127,382		$	26,501,260			1,120,887		$	25,280,473			46,067		$	943,877			50,457		$	1,128,296
Reinvested dividends		49,265			1,215,552			38,557			878,635			4,674			115,003			4,935			112,124
Shares redeemed .		(408,447	)		(9,642,106	)		(647,162	)		(14,590,937	)		(96,053	)		(2,274,212	)		(138,843	)		(3,143,959	)
Net increase (decrease)		768,200		$	18,074,706			512,282		$	11,568,171			(45,312	)	$	(1,215,332	)		(83,451	)	$	(1,903,539	)
	Class 3
	For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount
Shares sold .		1,113,869		$	23,253,681			736,597		$	16,088,708
Reinvested dividends		35,396			866,736			38,757			876,329
Shares redeemed .		(1,088,892	)		(25,711,661	)		(1,493,737	)		(33,443,743	)
Net increase (decrease)		60,373		$	(1,591,244	)		(718,383	)	$	(16,478,706	)
	Multi-Asset Portfolio
	Class 1												Class 3
	For the year ended December 31, 2014						For the year ended December 31, 2013						For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		10,318		$	82,314			33,031		$	228,194			—		$	—			—		$	—
Reinvested dividends		26,499			210,188			33,305			234,735			114			907			158			1,113
Shares redeemed .		(334,347	)		(2,605,764	)		(477,372	)		(3,304,563	)		—			—			—			—
Net increase (decrease)		(297,530	)	$	(2,313,262	)		(411,036	)	$	(2,841,634	)		114		$	907			158		$	1,113

93

	Strategic Multi-Asset Portfolio
	Class 1
	For the year ended December 31, 2014						For the year ended December 31, 2013
	Shares			Amount			Shares			Amount
Shares sold		31,717		$	297,584			18,059		$	157,610
Reinvested dividends		356,477			3,022,099			72,990			648,538
Shares redeemed		(286,366	)		(2,631,759	)		(342,087	)		(3,022,563	)
Net increase (decrease)		101,828		$	687,924			(251,038	)	$	(2,216,415	)

Note 8.  Trustees’ Retirement Plan

The Board of Anchor Series Trust has adopted the SunAmerica Disinterested Trustees’ and Directors’ Retirement Plan (the “Retirement Plan”) effective January 1, 1993, as amended, for the Disinterested Trustees. The Retirement Plan provides generally that a Disinterested Trustee may become a participant (“Participant”) in the Retirement Plan if he or she has at least 10 years of consecutive service as a Disinterested Trustee of any of the adopting SunAmerica mutual funds (the “Adopting Funds”) or has attained the age of 60 while a Trustee and completed five (5) consecutive years of service as a Trustee of any Adopting Fund (an “Eligible Trustee”). Pursuant to the Retirement Plan, an Eligible Trustee may receive benefits upon (i) his or her death or disability while a Trustee or (ii) the termination of his or her tenure as a Trustee, other than removal for cause from each of the Adopting Funds with respect to which he or she is an Eligible Trustee.

As of each of the first 10 birthdays after becoming a Participant and on which he or she is both a Trustee and Participant, each Eligible Trustee will be credited with an amount equal to 50% of his or her regular fees (excluding committee fees) for services as a Disinterested Trustee of each Adopting Fund for the calendar year in which such birthday occurs. In addition, an amount equal to 8.50% of any amounts credited under the preceding statement during prior years is added to each Eligible Trustee’s account. The rights of any Participant to benefits under the Retirement Plan shall be an unsecured claim against the assets of the Adopting Funds. An Eligible Trustee may receive any benefits payable under the Retirement Plan, at his or her election, either in one lump sum or in up to 15 annual installments. Any undistributed amounts shall continue to accrue interest at 8.50%.

Effective December 3, 2008, the Retirement Plan was amended to, among other things, (1) freeze the Retirement Plan as to future accruals for active Participants as of December 31, 2008, (2) prohibit Disinterested Trustees from first becoming participants in the Retirement Plan after December 31, 2008 and (3) permit active Participants to elect to receive a distribution of their entire Retirement Plan account balance in 2009. The freeze on future accruals does not apply to Participants that have commenced receiving benefits under the Retirement Plan on or before December 31, 2008.

The following amounts for the Retirement Plan Liabilities are included in the Trustees’ fees and expenses payable line on the Statements of Assets and Liabilities and the amounts for the Retirement Plan Expenses are included in the Trustees’ fees and expenses line on the Statements of Operations.

	As of December 31, 2014
Portfolio	Retirement Plan Liability		Retirement Plan Expense		Retirement Plan Payments
Government and Quality Bond	$	2,066	$	208	$	4,973
Asset Allocation		445		40		1,084
Growth and Income		86		15		193
Growth		1,452		91		3,640
Capital Appreciation		2,880		212		7,142
Natural Resources		420		37		1,027
Multi-Asset		256		4		675
Strategic Multi-Asset		178		4		468

Note 9.  Line of Credit

The SunAmerica family of mutual funds has established a $75 million committed and a $50 million uncommitted line of credit with State Street Bank and Trust Company, the Portfolios’ custodian. Interest is currently payable at the higher of the Federal Funds Rate plus 125 basis points or the overnight London Interbank Offered Rate plus 125 basis points on the committed line and State Street Bank and Trust Company’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 15 basis points per annum on the daily unused portion of the committed line of credit and a one-time closing fee of 5 basis points on the uncommitted line of credit which is included in other expenses on the Statements of Operations. Prior to September 12, 2014, the commitment fee was 10 basis points per annum on the daily unused portion of the committed line of credit and there was no closing fee on the uncommitted line of credit.

94

Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000. For the year ended December 31, 2014, the following Portfolio had borrowings:

Portfolio	Days outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Capital Appreciation		9	$	1,782	$	5,311,336		1.34	%

At December 31, 2014, there were no borrowings outstanding.

Note 10.  Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, the Portfolios are permitted to participate in an interfund lending program among investment companies advised by SAAMCo or an affiliate. The interfund lending program allows the participating Portfolios to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Portfolios receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year ended December 31, 2014, none of the Portfolios participated in this program.

Note 11.  Investment Concentration

Some of the Portfolios may invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Strategic Multi-Asset Portfolio. At December 31, 2014, the Strategic Multi-Asset Portfolio had 7.1% of its net assets invested in securities domiciled in Japan.

The Government and Quality Bond Portfolio, Asset Allocation Portfolio, and Multi-Asset Portfolio may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of each Portfolio’s concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At December 31, 2014, the Government and Quality Bond Portfolio, Asset Allocation Portfolio, and Multi-Asset Portfolio had 33.9%, 10.0%, and 10.8%, respectively, of their net assets invested in such securities.

Note 12.   Subsequent Events

On September 30, 2014, the Board approved a change in the Multi-Asset Portfolio’s name to the “SA BlackRock Multi-Asset Income Portfolio,” along with certain changes to the Portfolio’s principal investment strategy and techniques. The Board also approved a new Subadvisory Agreement between SunAmerica and BlackRock Investment Management, LLC (“BlackRock”), replacing Wellington Management. These changes became effective on January 12, 2015 (the “Effective Date”). Under the Subadvisory Agreement, the subadvisory fee payable by SunAmerica to BlackRock is equal to an annual rate of 0.425% of average daily net assets on the first $100 million, 0.400% on the next $400 million, 0.375% on the next $500 million and 0.350% thereafter. As of the Effective Date, pursuant to a subadvisory fee waiver agreement (the “BlackRock iShares Waiver”), BlackRock has contractually agreed to waive its subadvisory fee in an amount equal to the Portfolio’s “acquired fund fees and expenses” incurred in connection with its investments in exchange-traded funds that are advised or sponsored by BlackRock or its “affiliated persons,” as defined in Section 2(a)(3) of the 1940 Act (the “iShares Funds”). SunAmerica has also contractually agreed to waive a portion of its advisory fee with respect to the Portfolio in an amount equal to the BlackRock iShares Waiver in order to pass the benefit of such waiver onto the Portfolio in connection with its investments in the iShares Funds. In addition, SunAmerica has contractually agreed to waive its fees and/or reimburse expenses with respect to the SA BlackRock Multi-Asset Income Portfolio to the extent that the total annual operating expenses exceed 0.58% and 0.83% for Class 1 and 3 shares, respectively. BlackRock assumed the day-to-day portfolio management responsibility for the SA BlackRock Multi-Asset Income Portfolio, replacing Wellington Management, as of the Effective Date.

95

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS

Period ended	Net Asset Value beginning of period		Net investment income (loss)(1)		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Distributions from net realized gain on investments			Total dividends and distributions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate
Government and Quality Bond Portfolio Class 1
12/31/10	$	14.95	$	0.42	$	0.33		$	0.75		$	(0.63	)	$	—		$	(0.63	)	$	15.07		4.98	%	$	297,126		0.59	%		2.75	%		66	%
12/31/11		15.07		0.35		0.71			1.06			(0.49	)		(0.07	)		(0.56	)		15.57		7.09			260,025		0.62			2.24			44
12/31/12		15.57		0.29		0.31			0.60			(0.37	)		(0.22	)		(0.59	)		15.58		3.83			326,992		0.59			1.88			81
12/31/13		15.58		0.21		(0.55	)		(0.34	)		(0.38	)		(0.15	)		(0.53	)		14.71		(2.15	)		421,167		0.59			1.40			184
12/31/14		14.71		0.21		0.55			0.76			(0.29	)		—			(0.29	)		15.18		5.19			572,823		0.58			1.40			128
Government and Quality Bond Portfolio Class 2
12/31/10		14.94		0.40		0.33			0.73			(0.61	)		—			(0.61	)		15.06		4.83			80,584		0.74			2.60			66
12/31/11		15.06		0.32		0.71			1.03			(0.46	)		(0.07	)		(0.53	)		15.56		6.89			68,974		0.77			2.09			44
12/31/12		15.56		0.27		0.30			0.57			(0.34	)		(0.22	)		(0.56	)		15.57		3.65			60,472		0.74			1.72			81
12/31/13		15.57		0.19		(0.54	)		(0.35	)		(0.35	)		(0.15	)		(0.50	)		14.72		(2.22	)		49,484		0.74			1.26			184
12/31/14		14.72		0.19		0.54			0.73			(0.26	)		—			(0.26	)		15.19		4.99			43,986		0.73			1.25			128
Government and Quality Bond Portfolio Class 3
12/31/10		14.91		0.38		0.33			0.71			(0.59	)		—			(0.59	)		15.03		4.74			737,455		0.84			2.50			66
12/31/11		15.03		0.31		0.71			1.02			(0.46	)		(0.07	)		(0.53	)		15.52		6.78			735,004		0.87			1.99			44
12/31/12		15.52		0.25		0.30			0.55			(0.33	)		(0.22	)		(0.55	)		15.52		3.53			797,475		0.84			1.63			81
12/31/13		15.52		0.17		(0.53	)		(0.36	)		(0.34	)		(0.15	)		(0.49	)		14.67		(2.28	)		806,854		0.84			1.16			184
12/31/14		14.67		0.17		0.54			0.71			(0.25	)		—			(0.25	)		15.13		4.87			783,305		0.83			1.15			128

(1) Calculated based upon average shares outstanding.

(2) Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented.

See Notes to Financial Statements

96

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Period ended	Net Asset Value beginning of period		Net investment income (loss)(1)			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Distributions from net realized gain on investments			Total dividends and distributions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income (loss) to average net assets(3)			Portfolio turnover rate
Asset Allocation Portfolio Class 1
12/31/10	$	12.00	$	0.33		$	1.30		$	1.63		$	(0.34	)	$	—		$	(0.34	)	$	13.29		13.89	%	$	195,082		0.76	%		2.64	%		65	%
12/31/11		13.29		0.38			(0.27	)		0.11			(0.37	)		—			(0.37	)		13.03		0.93			167,345		0.80			2.82			44
12/31/12		13.03		0.37			1.18			1.55			(0.43	)		—			(0.43	)		14.15		11.95			159,351		0.80			2.65			30
12/31/13		14.15		0.35			2.15			2.50			(0.44	)		—			(0.44	)		16.21		17.87			159,638		0.79			2.29			27
12/31/14		16.21		0.40			0.80			1.20			(0.41	)		(0.46	)		(0.87	)		16.54		7.41			146,594		0.75			2.37			29
Asset Allocation Portfolio Class 2
12/31/10		11.98		0.31			1.30			1.61			(0.33	)		—			(0.33	)		13.26		13.69			20,513		0.91			2.49			65
12/31/11		13.26		0.36			(0.27	)		0.09			(0.35	)		—			(0.35	)		13.00		0.76			18,303		0.95			2.67			44
12/31/12		13.00		0.35			1.18			1.53			(0.41	)		—			(0.41	)		14.12		11.78			17,151		0.95			2.50			30
12/31/13		14.12		0.33			2.14			2.47			(0.41	)		—			(0.41	)		16.18		17.68			18,074		0.94			2.14			27
12/31/14		16.18		0.37			0.81			1.18			(0.38	)		(0.46	)		(0.84	)		16.52		7.31			15,750		0.90			2.22			29
Asset Allocation Portfolio Class 3
12/31/10		11.96		0.30			1.30			1.60			(0.32	)		—			(0.32	)		13.24		13.61			34,612		1.01			2.40			65
12/31/11		13.24		0.34			(0.27	)		0.07			(0.34	)		—			(0.34	)		12.97		0.64			39,025		1.06			2.58			44
12/31/12		12.97		0.33			1.18			1.51			(0.40	)		—			(0.40	)		14.08		11.68			43,328		1.05			2.41			30
12/31/13		14.08		0.31			2.13			2.44			(0.40	)		—			(0.40	)		16.12		17.52			54,684		1.04			2.04			27
12/31/14		16.12		0.35			0.81			1.16			(0.37	)		(0.46	)		(0.83	)		16.45		7.23			56,298		1.00			2.12			29
Growth and Income Portfolio Class 1
12/31/10		7.16		0.00			0.85			0.85			(0.00	)		—			(0.00	)		8.01		11.93			9,669		1.56			0.03			67
12/31/11		8.01		(0.01	)		(0.45	)		(0.46	)		(0.00	)		—			(0.00	)		7.55		(5.71	)		7,449		1.82			(0.18	)		69
12/31/12		7.55		0.08			0.94			1.02			—			—			—			8.57		13.51			39,271		1.28			0.97			73
12/31/13		8.57		0.10			2.68			2.78			(0.03	)		—			(0.03	)		11.32		32.43			105,446		0.86			1.03			109
12/31/14		11.32		0.08			1.43			1.51			(0.06	)		(0.29	)		(0.35	)		12.48		13.45			171,935		0.77			0.68			64

(1) Calculated based upon average shares outstanding.

(2) Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return includes expense reductions.

(3) Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following (See Note 4):

	12/31/10			12/31/11			12/31/12			12/31/13			12/31/14
Asset Allocation Portfolio Class 1		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Asset Allocation Portfolio Class 2		0.01			0.00			0.00			0.00			0.00
Asset Allocation Portfolio Class 3		0.01			0.00			0.00			0.00			0.00
Growth and Income Portfolio Class 1		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements

97

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Period ended	Net Asset Value beginning of period		Net investment income (loss)(1)			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Distributions from net realized gain on investments			Total dividends and distributions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income (loss) to average net assets(3)			Portfolio turnover rate
Growth Portfolio Class 1
12/31/10	$	18.33	$	0.13		$	2.43		$	2.56		$	(0.13	)	$	—		$	(0.13	)	$	20.76		14.10	%	$	244,740		0.78	%		0.66	%		82	%
12/31/11		20.76		0.11			(1.41	)		(1.30	)		(0.15	)		—			(0.15	)		19.31		(6.21	)		190,613		0.83			0.55			84
12/31/12		19.31		0.22			2.47			2.69			(0.12	)		—			(0.12	)		21.88		13.95			244,122		0.79			1.05			92
12/31/13		21.88		0.19			7.48			7.67			(0.21	)		—			(0.21	)		29.34		35.14			403,439		0.77			0.74			78
12/31/14		29.34		0.20			1.99			2.19			(0.17	)		—			(0.17	)		31.36		7.48			505,595		0.74			0.68			118
Growth Portfolio Class 2
12/31/10		18.32		0.10			2.44			2.54			(0.11	)		—			(0.11	)		20.75		13.96			37,148		0.93			0.51			82
12/31/11		20.75		0.08			(1.41	)		(1.33	)		(0.12	)		—			(0.12	)		19.30		(6.40	)		27,851		0.98			0.39			84
12/31/12		19.30		0.18			2.48			2.66			(0.08	)		—			(0.08	)		21.88		13.81			25,506		0.94			0.85			92
12/31/13		21.88		0.15			7.48			7.63			(0.16	)		—			(0.16	)		29.35		34.97			27,163		0.92			0.60			78
12/31/14		29.35		0.16			1.97			2.13			(0.12	)		—			(0.12	)		31.36		7.28			24,700		0.89			0.54			118
Growth Portfolio Class 3
12/31/10		18.28		0.08			2.44			2.52			(0.09	)		—			(0.09	)		20.71		13.89			151,712		1.03			0.41			82
12/31/11		20.71		0.06			(1.41	)		(1.35	)		(0.10	)		—			(0.10	)		19.26		(6.52	)		122,324		1.08			0.30			84
12/31/12		19.26		0.16			2.48			2.64			(0.06	)		—			(0.06	)		21.84		13.72			118,352		1.04			0.76			92
12/31/13		21.84		0.13			7.46			7.59			(0.14	)		—			(0.14	)		29.29		34.82			126,179		1.02			0.50			78
12/31/14		29.29		0.13			1.97			2.10			(0.09	)		—			(0.09	)		31.30		7.18			115,933		0.99			0.44			118
Capital Appreciation Portfolio Class 1
12/31/10		29.97		(0.04	)		6.84			6.80			(0.04	)		—			(0.04	)		36.73		22.72			556,674		0.75			(0.14	)		96
12/31/11		36.73		(0.07	)		(2.52	)		(2.59	)		—			—			—			34.14		(7.05	)		435,001		0.79			(0.19	)		91
12/31/12		34.14		(0.07	)		8.23			8.16			—			(1.72	)		(1.72	)		40.58		23.90	(4)		480,705		0.74			(0.17	)		103
12/31/13		40.58		(0.10	)		14.19			14.09			—			(5.43	)		(5.43	)		49.24		35.80			605,894		0.75			(0.22	)		105
12/31/14		49.24		(0.06	)		7.41			7.35			—			(9.21	)		(9.21	)		47.38		15.26			668,565		0.74			(0.12	)		91
Capital Appreciation Portfolio Class 2
12/31/10		29.63		(0.09	)		6.77			6.68			(0.01	)		—			(0.01	)		36.30		22.53			72,088		0.90			(0.29	)		96
12/31/11		36.30		(0.13	)		(2.48	)		(2.61	)		—			—			—			33.69		(7.19	)		54,499		0.94			(0.34	)		91
12/31/12		33.69		(0.13	)		8.12			7.99			—			(1.72	)		(1.72	)		39.96		23.71	(4)		54,464		0.89			(0.33	)		103
12/31/13		39.96		(0.17	)		13.97			13.80			—			(5.43	)		(5.43	)		48.33		35.62			59,470		0.90			(0.37	)		105
12/31/14		48.33		(0.13	)		7.26			7.13			—			(9.21	)		(9.21	)		46.25		15.08			56,610		0.89			(0.27	)		91
Capital Appreciation Portfolio Class 3
12/31/10		29.43		(0.12	)		6.72			6.60			—			—			—			36.03		22.43			546,714		1.00			(0.38	)		96
12/31/11		36.03		(0.16	)		(2.46	)		(2.62	)		—			—			—			33.41		(7.27	)		499,914		1.04			(0.45	)		91
12/31/12		33.41		(0.16	)		8.04			7.88			—			(1.72	)		(1.72	)		39.57		23.58	(4)		535,916		0.99			(0.42	)		103
12/31/13		39.57		(0.21	)		13.81			13.60			—			(5.43	)		(5.43	)		47.74		35.46			625,388		1.00			(0.47	)		105
12/31/14		47.74		(0.18	)		7.17			6.99			—			(9.21	)		(9.21	)		45.52		14.96			635,020		0.99			(0.37	)		91

(1) Calculated based upon average shares outstanding.

(2) Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return includes expense reductions.

(3) Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following (See Note 4):

	12/31/10			12/31/11			12/31/12			12/31/13			12/31/14
Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Growth Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
Growth Portfolio Class 3		0.00			0.00			0.00			0.00			0.00
Capital Appreciation Portfolio Class 1		0.01			0.01			0.00			0.00			0.00
Capital Appreciation Portfolio Class 2		0.01			0.01			0.00			0.00			0.00
Capital Appreciation Portfolio Class 3		0.01			0.01			0.00			0.00			0.00

(4) Total return was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

98

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Period ended	Net Asset Value beginning of period		Net investment income (loss)(1)		Net realized & unrealized gain  (loss) on investments			Total from investment operations			Dividends declared from net investment income			Distributions from net realized gain on investments			Total dividends and distributions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income (loss) to average net assets(3)			Portfolio turnover rate
Natural Resources Portfolio Class 1
12/31/10	$	39.96	$	0.27	$	5.53		$	5.80		$	(0.36	)	$	(2.57	)	$	(2.93	)	$	42.83		16.20	(4)%	$	123,891		0.82	%		0.70	%		82	%
12/31/11		42.83		0.32		(8.38	)		(8.06	)		(0.28	)		(10.11	)		(10.39	)		24.38		(20.27	)		81,957		0.87			0.87			89
12/31/12		24.38		0.28		0.55			0.83			(0.27	)		(2.33	)		(2.60	)		22.61		3.54			84,409		0.83			1.18			55
12/31/13		22.61		0.18		1.12			1.30			(0.22	)		—			(0.22	)		23.69		5.80			100,572		0.84			0.80			77
12/31/14		23.69		0.30		(4.63	)		(4.33	)		(0.26	)		—			(0.26	)		19.10		(18.53	)		95,751		0.82			1.28			91
Natural Resources Portfolio Class 2
12/31/10		39.85		0.21		5.51			5.72			(0.31	)		(2.57	)		(2.88	)		42.69		16.01	(4)		24,994		0.97			0.55			82
12/31/11		42.69		0.26		(8.33	)		(8.07	)		(0.22	)		(10.11	)		(10.33	)		24.29		(20.38	)		17,284		1.02			0.72			89
12/31/12		24.29		0.24		0.55			0.79			(0.22	)		(2.33	)		(2.55	)		22.53		3.37			15,018		0.98			1.01			55
12/31/13		22.53		0.15		1.11			1.26			(0.18	)		—			(0.18	)		23.61		5.64			13,767		0.99			0.66			77
12/31/14		23.61		0.27		(4.63	)		(4.36	)		(0.22	)		—			(0.22	)		19.03		(18.68	)		10,238		0.97			1.15			91
Natural Resources Portfolio Class 3
12/31/10		39.73		0.17		5.50			5.67			(0.27	)		(2.57	)		(2.84	)		42.56		15.93	(4)		175,152		1.07			0.45			82
12/31/11		42.56		0.22		(8.31	)		(8.09	)		(0.18	)		(10.11	)		(10.29	)		24.18		(20.47	)		140,166		1.12			0.62			89
12/31/12		24.18		0.22		0.54			0.76			(0.20	)		(2.33	)		(2.53	)		22.41		3.25			131,121		1.08			0.92			55
12/31/13		22.41		0.13		1.11			1.24			(0.16	)		—			(0.16	)		23.49		5.56			120,528		1.09			0.56			77
12/31/14		23.49		0.24		(4.60	)		(4.36	)		(0.19	)		—			(0.19	)		18.94		(18.74	)		98,333		1.07			1.04			91
Multi-Asset Portfolio Class 1+
12/31/10		5.68		0.06		0.44			0.50			(0.08	)		—			(0.08	)		6.10		9.00			26,790		1.34			1.09			53
12/31/11		6.10		0.04		(0.11	)		(0.07	)		(0.08	)		—			(0.08	)		5.95		(1.17	)		23,405		1.46			0.69			53
12/31/12		5.95		0.06		0.51			0.57			(0.06	)		—			(0.06	)		6.46		9.50			22,114		1.42	(5)		0.90	(5)		75
12/31/13		6.46		0.06		1.08			1.14			(0.08	)		—			(0.08	)		7.52		17.67			22,651		1.10	(5)		0.86	(5)		71
12/31/14		7.52		0.05		0.68			0.73			(0.08	)		—			(0.08	)		8.17		9.68			22,167		1.10	(5)		0.67	(5)		88
Multi-Asset Portfolio Class 3+
10/08/12(6) - 12/31/12		6.53		0.01		(0.08	)		(0.07	)		—			—			—			6.46		(1.07	)		99		1.35	(5)(7)		0.92	(5)(7)		75
12/31/13		6.46		0.04		1.07			1.11			(0.07	)		—			(0.07	)		7.50		17.30			116		1.35	(5)		0.60	(5)		71
12/31/14		7.50		0.03		0.68			0.71			(0.06	)		—			(0.06	)		8.15		9.47			127		1.35	(5)		0.42	(5)		88
Strategic Multi-Asset Portfolio Class 1
12/31/10		6.79		0.02		0.86			0.88			—			—			—			7.67		12.96			25,272		1.55			0.34			99
12/31/11		7.67		0.04		(0.33	)		(0.29	)		(0.08	)		—			(0.08	)		7.30		(3.81	)		21,089		1.71			0.51			120
12/31/12		7.30		0.04		1.06			1.10			(0.20	)		—			(0.20	)		8.20		15.10			21,316		1.71			0.54			105
12/31/13		8.20		0.04		1.55			1.59			(0.21	)		(0.06	)		(0.27	)		9.52		19.65			22,354		1.80			0.50			99
12/31/14		9.52		0.05		0.41			0.46			(0.04	)		(1.34	)		(1.38	)		8.60		5.04			21,067		1.42	(5)		0.54	(5)		96

(1) Calculated based upon average shares outstanding.

(2) Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return includes expense reimbursements (recoupments) and expense reductions.

(3) Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following (See Note 4):

	12/31/10			12/31/11			12/31/12			12/31/13			12/31/14
Natural Resources Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Natural Resources Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
Natural Resources Portfolio Class 3		0.00			0.00			0.00			0.00			0.00
Multi-Asset Portfolio Class 1		0.00			0.00			0.00			0.00			0.00
Multi-Asset Portfolio Class 3		—			—			0.00	(7)		0.00			0.00
Strategic Multi-Asset Portfolio Class 1		0.00			0.00			0.00			0.00			0.00

(4) Total return for Class 1, Class 2, and Class 3 were increased by 0.25%, 0.22%, and 0.22% respectively, from gains on the disposal of investments in violation of investment restrictions.

(5) Net of the following expense reimbursements/fee waivers (based on average net assets) (See Note 3):

	12/31/12			12/31/13			12/31/14
Multi-Asset Portfolio Class 1		0.17	%		0.44	%		1.12	%
Multi-Asset Portfolio Class 3		0.76	(7)		0.43			1.16
Strategic Multi-Asset Portfolio Class 1		—			—			0.28

(6) Commencement of operations.

(7) Annualized

+ See Note 12

See Notes to Financial Statements

99

ANCHOR SERIES TRUST

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Anchor Series Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the eight portfolios constituting Anchor Series Trust (the “Trust”) at December 31, 2014, the results of each of their operations for the year then ended, the changes in each of their net assets for the two years then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2014 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion expressed above.

PricewaterhouseCoopers LLP

Houston, Texas

February 26, 2015

100

ANCHOR SERIES TRUST

APPROVAL OF THE SUBADVISORY AGREEMENT

At an in-person meeting held on September 30, 2014 (the “Meeting”), the Board of Trustees (the “Board,” the members of which are referred to as “Trustees”) of Anchor Series Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), of the Trust or its separate series (each, a “Fund,” and collectively, the “Funds”), SunAmerica Asset Management, LLC (“SunAmerica”) or BlackRock Asset Management, LLC (“BlackRock”), approved a change in the Multi-Asset Portfolio’s name to the “SA BlackRock Multi-Asset Income Portfolio” (the “Multi-Asset Income Portfolio” or the “Portfolio”), along with certain changes to the Portfolio’s principal investment strategy and techniques. The Board also approved a new subadvisory agreement (the “Subadvisory Agreement”) between SunAmerica and BlackRock with respect to the Multi-Asset Income Portfolio and separate sub-subadvisory agreements (the “Sub-Subadvisory Agreements”) between BlackRock and certain entities affiliated with BlackRock (the “Subadviser Affiliates”), each for an initial two-year period ending June 30, 2016, replacing the Portfolio’s current subadviser. These changes are expected to become effective on or about January 12, 2015.

In accordance with Section 15(c) of the 1940 Act, the Board requested, and SunAmerica and BlackRock provided, materials relating to the Board’s consideration of whether to approve the Subadvisory Agreement. These materials included, as applicable: (a) a summary of the services to be provided to the Portfolio by BlackRock and the Subadviser Afilliates; (b) information independently compiled and prepared by Lipper, Inc. (“Lipper”), an independent third-party provider of mutual fund data, on proposed fees and expenses of the Portfolio as compared with a peer group of funds, along with fee and performance data with respect to the Portfolio and any other mutual funds or other accounts advised or subadvised by BlackRock with similar investment objectives and/or strategies, as applicable; (c) information on the profitability of SunAmerica and its affiliates, and a discussion relating to indirect benefits; (d) information about BlackRock’s compliance policies and procedures and the services SunAmerica provides in connection with its oversight of subadvisers; (e) information about SunAmerica’s and BlackRock’s risk management processes; (f) information regarding brokerage and soft dollar practices; and (g) information about the key personnel of BlackRock, that are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolio, as well as current and projected staffing levels and compensation practices.

In determining whether to approve the Subadvisory Agreement and the Sub-Subadvisory Agreements, the Board, including the Independent Trustees, considered at the Meeting factors it deemed relevant, including the following information:

Nature, Extent and Quality of Services.    The Board, including the Independent Trustees, considered the nature, extent and quality of services to be provided by BlackRock with respect to the Portfolio, including investment management services such as investment research, advice and supervision, and determining which securities will be purchased or sold by the Portfolio, subject to the oversight and review of SunAmerica. In addition, the Board reviewed BlackRock’s history, structure, size, visibility and resources, which are needed to attract and retain highly qualified investment professionals. The Board also reviewed the personnel that would be responsible for providing portfolio management services to the Portfolio. The Board considered that, based on the materials provided, discussions with BlackRock representatives, and diligence conducted by management, that: (i) BlackRock would be able to retain high quality portfolio managers and other investment personnel; (ii) BlackRock would exhibit a high level of diligence and attention to detail in carrying out its responsibilities as a subadviser; and (iii) BlackRock would be responsive to requests of the Board and of SunAmerica. The Board also considered that BlackRock has developed internal policies and procedures for monitoring compliance with the investment objectives, policies and restrictions of the Portfolio. The Board further considered BlackRock’s code of ethics, compliance and regulatory history and risk management processes. The Board also noted that BlackRock had not experienced any material regulatory or compliance problems nor has it been involved in any material litigation or administrative proceedings that would potentially impact it from effectively serving as a subadviser to the Portfolio.

The Board also considered the approval of three Sub-Subadvisory Agreements between BlackRock and each Subadviser Affiliate, respectively. The Board noted that each Sub-Subadvisory Agreement contained a provision that BlackRock would compensate the Subadviser Affiliates from its subadvisory fees at a rate to be agreed upon among BlackRock and the Subadviser Affiliates from time to time. The Board also considered that the sub-subadvisory fees were paid by BlackRock out of its subadvisory fee and not by SunAmerica or the Portfolio.

The Board concluded that the nature and extent of services to be provided by BlackRock under the Subadvisory Agreement, and the Subadviser Affiliates under each Sub-Subadvisory Agreement, were reasonable and appropriate in relation to the proposed subadvisory fees and that the quality of services was reasonably expected to be high.

Consideration of the Subadvisory Fee and the Cost of the Services to be Provided.    The Board, including the Independent Trustees, also received and reviewed information regarding the fees to be paid by SunAmerica to BlackRock pursuant to the Subadvisory Agreement. The Board further considered the amount of subadvisory fees paid out by SunAmerica and the amount of the management fees which it retained.

101

In connection with the consideration of the subadvisory fee to be paid by SunAmerica to BlackRock pursuant to the Subadvisory Agreement and in the context of the changes in the Portfolio’s principal investment strategy and techniques, the Board initially considered the reasonableness of the current management fee for the Portfolio. To assist in analyzing the reasonableness of the management fee for the Portfolio, the Board received reports independently prepared by Lipper, which contained comparative fee and expense information with respect to the Portfolio (which is based on estimated expense amounts) and a representative group of similar funds as determined by Lipper. In considering the reasonableness of the management fee to be paid by the Portfolio to SunAmerica, the Board reviewed a number of expense comparisons, including: (i) contractual and actual advisory fees; and (ii) total operating expenses. In considering the Portfolio’s projected total operating expenses, the Board analyzed the level of fee waivers and expense reimbursements and the net expense caps contractually agreed upon by SunAmerica with respect to the Portfolio. The Board further considered that, unlike the funds in the Portfolio’s peer group (“Peer Group”) and peer universe (“Peer Universe”), the fee waivers and/or reimbursements anticipated to be made by SunAmerica with respect to the Portfolio are only reflected in the total expenses category of the Lipper report, rather than also being reflected as specific management fee waivers in the actual management fees category of the Lipper report. As a result, the Board took into account that the actual management fees presented by Lipper for the funds in the Peer Group and Peer Universe may appear lower on a relative basis. The Board also considered the various expense components of the Portfolio and compared the Portfolio’s net expense ratio to those of other funds within its Peer Group and Peer Universe as a guide to help assess the reasonableness of the management fee for the Portfolio. The Board acknowledged that it was difficult to make precise comparisons with other funds in the Peer Group and Peer Universe since the exact nature of services provided under the various fund agreements is often not apparent. The Board noted, however, that the comparative fee information provided by Lipper as a whole was useful in assessing whether SunAmerica would be providing services at a cost that was competitive with other, similar funds.

The Board also received and reviewed information regarding the subadvisory fee to be paid by SunAmerica to BlackRock pursuant to the Subadvisory Agreement. To assist in analyzing the reasonableness of the subadvisory fee, the Board received a report prepared independently by Lipper. The report showed comparative fee information of the Portfolio’s Peer Group and Peer Universe that the Board used as a guide to help assess the reasonableness of the subadvisory fees. The Board noted that the Peer Group and Peer Universe information, as a whole, was useful in assessing whether BlackRock was providing services at a cost that was competitive with other similar funds. The Board also considered that the subadvisory fee was paid by SunAmerica out of its advisory fee and not by the Portfolio, and that subadvisory fee may vary widely within a Peer Group for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of the subadvisory fees to be paid out by SunAmerica and the amount of the advisory fee that it would retain and determined that these amounts were reasonable in light of the services to be performed by SunAmerica and BlackRock, respectively. With respect to the sub-subadvisory fees to be paid by BlackRock to the Subadviser Affiliates, the Independent Trustees considered that the fees would be negotiated among BlackRock and the Subadviser Affiliates, and that BlackRock would compensate the Subadviser Affiliates from its fee.

The Board also considered fees received by BlackRock with respect to other mutual funds and accounts for which it serves as adviser or subadviser that have similar investment strategies to the Portfolio, as applicable, and reviewed any relevant distinctions or differences with respect to such other mutual funds or accounts. The Board concluded that the subadvisory fees were reasonable in light of the factors discussed above.

Investment Performance.    The Board, including the Independent Trustees, also considered performance data with respect to any other mutual funds or other accounts advised or subadvised by BlackRock with similar investment objectives and/or strategies, as applicable. In considering this comparative performance, however, the Board also reviewed any relevant distinctions and differences, and acknowledged that past performance is not necessarily indicative of future results.

Profitability.    The Board also considered SunAmerica’s profitability and the benefits SunAmerica and its affiliates would receive from its relationship with the Portfolio. The Board was provided with a profitability analysis that detailed the revenues that would be earned and the expenses that would be incurred by SunAmerica and its affiliates that provide services to the Portfolio. In particular, the Board considered the contractual fee waivers and/or expense reimbursements agreed to by SunAmerica with respect to the Portfolio.

The Board also reviewed financial statements and/or other reports from BlackRock and considered whether Blackrock had the financial resources necessary to attract and retain high quality investment management personnel and to provide high quality services to the Portfolio. The Board considered that BlackRock had the financial resources necessary to perform its obligations under the Subadvisory Agreement and would provide the Portfolio with high quality services. In considering the profitability to BlackRock in connection with its relationship to the Portfolio, as discussed above, the Board noted that the fees under the Subadvisory Agreement will be paid by SunAmerica out of the advisory fees that SunAmerica receives under the advisory agreement between Anchor Series and SunAmerica with respect to the Portfolio (the “Advisory Agreement”). The Board also relied on the ability of SunAmerica to negotiate the Subadvisory Agreement and the fees thereunder at arm’s length. As a result, the Board determined that the profitability to BlackRock from its relationship with the Portfolio was not a material factor in their deliberations with respect to their consideration of the approval of the Subadvisory Agreement.

Economies of Scale.    For similar reasons as stated above with respect to BlackRock’s profitability, the Board concluded that the potential for economies of scale in BlackRock’s management of the Portfolio was not a material factor to the approval of the Subadvisory Agreement, although the Board noted that the subadvisory fee payable to BlackRock contains breakpoints. The Board also noted that it

102

had considered information regarding economies of scale at the in-person meeting of the Board held on June 3, 2014, in the context of the renewal of the Advisory Agreement.

Other Factors.    In consideration of the Subadvisory Agreement, the Board also received information regarding BlackRock’s brokerage practices. The Board considered that SunAmerica and BlackRock would be responsible for decisions to buy and sell securities for the Portfolio, selection of broker-dealers and negotiation of commission rates. The Board also considered the benefits BlackRock derives from its soft dollar arrangements, to the extent applicable, including arrangements under which brokers provide brokerage and/or research services to BlackRock in return for allocating brokerage. The Board also considered that, to the extent that the Portfolio would invest in the iShares Trust, a Delaware statutory trust registered under the 1940 Act as an open-end management investment company that is organized as a series fund with multiple series that operate as exchange-traded funds (the “iShares Funds”) that are advised or sponsored by BlackRock or its “affiliated persons,” as defined in Section 2(a)(3) of the 1940 Act, BlackRock would receive a management fee for the management of the Portfolio as well as an annual unitary management fee for the management of the iShares Funds, such that BlackRock has agreed to waive a portion of its subadvisory fee from the Portfolio equivalent to the management fees and administration fees, if any, received by BlackRock from the iShares Funds.

Conclusion.    After a full and complete discussion, the Board approved the Subadvisory Agreement and the Sub-Subadvisory Agreements, each for an initial term ending June 30, 2016. Based upon their evaluation of all these factors in their totality, the Board, including the Independent Trustees, was satisfied that the terms of the Subadvisory Agreement and the Sub-Subadvisory Agreements were fair and reasonable and in the best interests of the Portfolio and its shareholders. In arriving at a decision to approve the Subadvisory Agreement and the Sub-Subadvisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and each Independent Director may have attributed different weights to different factors. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination.

103

ANCHOR SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited)

The following table contains basic information regarding the Trustees and Officers who oversee operations of the Portfolios and other investment companies within the Fund Complex.

Name, Address and Age*	Position Held With SunAmerica Complex	Term of Office and Length of Time Served(1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Disinterested Trustees
Dr. Judith L. Craven Age: 69	Trustee	2011-present	Retired.		77	Director, Sysco Corporation (1996 to present); Director, Luby’s Inc. (1998 to present).
William F. Devin Age: 76	Trustee	2011-present	Retired.		77	None
Richard W. Grant Age: 69	Trustee, Chairman of the Board	2011-present	Retired. Prior to that, Attorney and Partner Morgan Lewis and Brockius LLP (1989-2011)		28	None
Stephen J. Gutman Age: 71	Trustee	1986-present	Senior Vice President and Associate Broker, Corcoran Group (Real Estate) (2002 to present); President and Member of Managing Directors, Beau Brummel — Soho LLC (Licensing of menswear, specialty retailing and other activities) (1995 to 2009); President, SJG Marketing, Inc. (2009 to present).		28	None
William J. Shea Age: 67	Trustee	2004-present	Executive Chairman, Caliber ID (formerly, Lucid, Inc.) (Medical Devices) (2007 to present); Managing Director, DLB Capital, LLC (Private Equity) (2006 to 2007).		28	Director, Boston Private Financial Holdings (2004 to present); Chairman, Demoullas Supermarkets (1999 to present).
Interested Trustee
Peter A. Harbeck(4) Age: 61	Trustee	1995-present	President, CEO and Director, SAAMCo (1995 to present); Director, AIG Capital Services, Inc. (“ACS”), (1993 to present.); Chairman, Advisor Group, Inc. (2004 to present).		138	None
Officers
John T. Genoy Age: 46	President	2007-present	Chief Financial Officer, SAAMCo (2002 to present); Senior Vice President, SAAMCo (2003 to present); Chief Operating Officer, SAAMCo (2006 to present).		N/A	N/A
Gregory N. Bressler Age: 48	Secretary	2005-present	Senior Vice President and General Counsel, SAAMCo (2005 to present).		N/A	N/A
Kathleen D. Fuentes Age: 45	Chief Legal Officer and Assistant Secretary	2013-present	Vice President and Deputy General Counsel, SunAmerica (2006 to present)		N/A	N/A
James Nichols Age: 48	Vice President	2006-present	Director, President and CEO, ACS (2006 to present); Senior Vice President SAAMCo (2002 to present).		N/A	N/A

104

ANCHOR SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited) — (continued)

Name, Address and Age*	Position Held With SunAmerica Complex	Term of Office and Length of Time Served(1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Katherine Stoner SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 58	Vice President and Chief Compliance Officer	2011-Present	Vice President, SAAMCo (2011 to present); Vice President, The Variable Annuity Life Insurance Company (“VALIC”), Western National Life Insurance Company (“WNL”) and American General Distributors, Inc. (2006 to present); Deputy General Counsel and Secretary, VALIC and WNL (2007 to 2011); Vice President, VALIC Financial Advisors, Inc. (2010 to 2011) and VALIC Retirement Services Company (2010 to present).		N/A	N/A
Gregory R. Kingston SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 49	Treasurer	2003-present	Vice President, SAAMCo (2001 to present); Head of Mutual Fund Administration, SAAMCo (2014 to present).		N/A	N/A
Shawn Parry SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 42	Vice President and Assistant Treasurer	2014-present	Assistant Vice President, SAAMCo (2005 to 2014).		N/A	N/A
Donna McManus Age: 54	Vice President and Assistant Treasurer	2014-present	Vice President, SAAMCo (2014 to present); Managing Director, BNY Mellon (2009 to 2014)		N/A	N/A
Nori L. Gabert SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 61	Vice President and Assistant Secretary	2002-present	Vice President and Deputy General Counsel, SAAMCo (2005 to present).		N/A	N/A
Matthew J. Hackethal Age: 43	Anti-Money Laundering Compliance Officer	2006-present	Chief Compliance Officer, SAAMCo (2006 to present).		N/A	N/A

* Unless indicated otherwise, the business address for each Trustee and Officer is the Harborside Financial Center, 3200 Plaza 5, Jersey City, NJ 07311-4992.

(1) Trustees serve until their successors are duly elected and qualified, subject to the Trustee’s retirement plan discussed in Note 8 of the financial statements.

(2) The “Fund Complex” means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment services or have a common investment adviser or an investment adviser that is an affiliated person of the Adviser. The “Fund Complex” includes the SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (8 portfolios), Seasons Series Trust (21 portfolios), SunAmerica Series Trust (40 portfolios), VALIC Company I (34 funds), VALIC Company II (15 funds), and SunAmerica Specialty Series (7 portfolios).

(3) Directorships of companies required for reporting to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the Investment Company Act of 1940, as amended.

(4) Interested Trustee, as defined within the Investment Company Act of 1940, as amended, because he or she is an officer and a trustee of the advisor, and director of the principal underwriter, of the Trust.

105

ANCHOR SERIES TRUST

SHAREHOLDERS TAX INFORMATION (unaudited)

Certain tax information regarding Anchor Series Trust is required to be provided to shareholders based upon each Portfolio’s income and capital gain distributions for the taxable year ended December 31, 2014. The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2014.

During the year ended December 31, 2014, the Portfolios paid the following dividends per share along with the percentage of ordinary income dividends that qualified for the 70% dividends received deductions for corporations:

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Qualifying % for the 70% Dividends Received Deductions
Government and Quality Bond Portfolio — Class 1	$	0.29	$	0.29	$	—	$	—		—	%
Government and Quality Bond Portfolio — Class 2		0.26		0.26		—		—		—
Government and Quality Bond Portfolio — Class 3		0.25		0.25		—		—		—
Asset Allocation Portfolio — Class 1		0.87		0.41		—		0.46		41.96
Asset Allocation Portfolio — Class 2		0.84		0.38		—		0.46		41.96
Asset Allocation Portfolio — Class 3		0.83		0.37		—		0.46		41.96
Growth and Income Portfolio — Class 1		0.35		0.06		0.25		0.04		30.40
Growth Portfolio — Class 1		0.17		0.17		—		—		100.00
Growth Portfolio — Class 2		0.12		0.12		—		—		100.00
Growth Portfolio — Class 3		0.09		0.09		—		—		100.00
Capital Appreciation Portfolio — Class 1		9.21		—		4.08		5.13		4.48
Capital Appreciation Portfolio — Class 2		9.21		—		4.08		5.13		4.48
Capital Appreciation Portfolio — Class 3		9.21		—		4.08		5.13		4.48
Natural Resources Portfolio — Class 1		0.26		0.26		—		—		54.39
Natural Resources Portfolio — Class 2		0.22		0.22		—		—		54.39
Natural Resources Portfolio — Class 3		0.19		0.19		—		—		54.39
Multi-Asset Portfolio — Class 1		0.08		0.08		—		—		100.00
Multi-Asset Portfolio — Class 3		0.06		0.06		—		—		100.00
Strategic Multi-Asset Portfolio — Class 1		1.38		0.04		0.77		0.57		5.30

106

COMPARISONS: PORTFOLIOS VS. INDEXES (unaudited)

As required by the Securities and Exchange Commission, the following graphs compare the performance of a $10,000 investment in each Portfolio to a $10,000 investment in a comparable securities index over the ten year period ended December 31, 2014. Importantly, such indices represent “paper” Portfolios and do not reflect the costs and expenses of actual investing. Following each graph is a discussion of portfolio performance and factors affecting performance over the year ended December 31, 2014.

The following graphs and tables show the performance of the Portfolios at the Anchor Series Trust level and include all trust expenses, but no insurance company expenses associated with the variable annuity and no insurance company contingent deferred sales charge. No expenses are deducted from the performance of the indices. All dividends are assumed to be reinvested.

Investments in stocks and bonds are subject to risk, including stock market and interest-rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other Portfolios, is not guaranteed by the U.S. government or any other entity.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

107

Fixed-Income Portfolios

Wellington Management Company LLP

Government and Quality Bond Portfolio — Class 1

Government and Quality Bond Portfolio
Average Annual Total Returns as of 12/31/14
	Class 1*		Class 2*		Class 3*
1-year		5.19%		4.99%	4.87%
5-year		3.74%		3.58%	3.48%
10-year		3.95%		3.79%	3.69%
Since Inception		6.94%		4.17%	3.55%

* Inception date for Class 1: 09/05/84; Class 2: 07/09/01; Class 3: 09/30/02

The Barclays U.S. Aggregate A or Better Index is a subset of the Barclays U.S. Aggregate Bond Index, and indices, which include index components for government and corporate bonds, agency mortgage pass-through securities, and asset-backed securities. However, the Barclays U.S. Aggregate A or Better excludes BBB bonds.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The Government and Quality Bond Portfolio — Class 1 shares posted a return of 5.19% for the 12-month period ending December 31, 2014, compared to a 5.66% return for the Barclays U.S. Aggregate A or Better Index.

On an absolute return basis, Treasuries [+5.06%] underperformed a number of non-Treasury sectors during the year, including taxable municipals [+18.79%], U.S. credit [+7.53%], and U.S. mortgage-backed securities [+6.08]. Treasuries outperformed commercial mortgage backed securities [+3.87%], U.S. corporate high yield [+2.45%], and asset-backed securities [+1.88%] during the period.

Duration and yield curve positioning detracted from relative performance during the period. Positioning and security selection within investment grade credit contributed to relative performance, driven primarily by selection in industrial issuers. Security selection within mortgage-backed securities, primarily agency pass-throughs, also contributed positively to relative performance during the period. An overweight allocation to taxable municipal securities was additive to relative performance.

The Portfolio ended the year with the following sector allocations: 37.3% U.S. government, 33.9% mortgage-backed securities, 19.5% credit, 4.8% asset-backed securities, and 4.5% in cash and cash equivalents.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

108

Fixed-Income Portfolios — (continued)

Edge Asset Management, Inc.

Asset Allocation Portfolio — Class 1

Asset Allocation Portfolio
Average Annual Total Returns as of 12/31/14
	Class 1*		Class 2*		Class 3*
1-year		7.41%		7.31%	7.23%
5-year		10.26%		10.09%	9.98%
10-year		6.87%		6.71%	6.60%
Since Inception		7.93%		6.74%	8.39%

* Inception date for Class 1: 07/01/93; Class 2: 07/09/01; Class 3: 09/30/02

The Blended Index consists of 40% Barclays U.S. Aggregate Bond Index and 60% S&P 500^® Index. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests than any of the individual benchmark indices, in that it includes both equity and fixed income components. The weightings of the components of the Blended Index are intended to approximate the allocation of the Portfolio’s assets, but at any given time, may not be indicative of the actual allocation of the Portfolio’s assets among market sectors or types of investments.

The Barclays U.S. Aggregate Bond Index combines several Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate bonds, mortgage pass-through securities, and asset-backed securities.

The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The Asset Allocation Portfolio — Class 1 shares returned 7.41% for the 12-month period ending December 31, 2014, compared to a 13.69% return of the S&P 500 Index and a 5.97% return of the Barclays U.S. Aggregate Bond Index. The blended benchmark of 60% S&P 500 Index / 40% Barclays U.S. Aggregate Bond Index returned 10.62% for the annual period.

Equities outperformed bonds during the period, as measured by the S&P 500 Index and the Barclays U.S. Aggregate Bond Index. International equities underperformed U.S. equities for the period. Developed and emerging market equities struggled finishing the year with a negative return. Fixed income markets defied the long anticipated end to the 30-year secular decline in interest rates posting a positive return of 5.97% as measured by the Barclays U.S. Aggregate Bond Index.

Over the course of 2014, the Portfolio’s equity allocation was maintained above 63%, ending the year at 64%. The overweight positioning in equities aided performance throughout the year. The Portfolio’s strategic allocation to international equities versus its benchmark hindered performance as international equities underperformed during the year. The Portfolio’s strategic allocation to real estate investment trusts (REITS) aided performance as REITS outperformed during the year. The Portfolio’s long term strategic and tactical allocation to high-yield corporate bonds detracted from performance as high-yield underperformed other fixed income sectors during the year.

Due to the Portfolio’s large number of individual holdings (over 800) and small position sizes, individual security impacts were minimal. The Portfolio’s security selection among U.S. growth equities (large, mid & small cap) aided performance. The Portfolio’s security selection among international developed growth and U.S. large cap value equities detracted from performance. Security selection in high-yield, bank loans and mortgage- and asset-backed securities detracted from performance, while security selection in investment grade corporate and commercial mortgage-backed securities aided performance.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

109

Equity Portfolios

Wellington Management Company LLP

Growth and Income Portfolio — Class 1

Growth and Income Portfolio
Average Annual Total Returns as of 12/31/14
	Class 1*
1-year		13.45%
5-year		12.47%
10-year		6.56%
Since Inception		7.76%

* Inception date for Class 1: 03/23/87

The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The Growth and Income Portfolio — Class 1 shares posted a return of 13.45% for the 12-month period ending December 31, 2014, compared to a 13.69% return for the S&P 500 Index.

For the year, nine of ten sectors within the S&P 500 Index posted positive returns. Utilities [+29.0%], health care [+25.4%], and information technology [+20.1%] posted the strongest returns. Energy [-7.9%] and telecommunication services [+3.1%] were the weakest performing sectors in the benchmark.

Security selection had a neutral effect on the Portfolio during the period. Strong selection in the consumer staples, health care, and materials sectors was offset by weaker selection in information technology, industrials and financials. Selection in information technology, the Portfolio’s worst relative sector, was hampered by holdings in Yahoo!, VeriSign, and Intel. Holdings Yahoo!, Ocwen Financial (financials) and Halliburton (energy) were the top three detractors from relative performance during the period. Within the consumer staples sector, holdings Monster Beverage, CVS Health, and WhiteWave Foods were the largest contributors to relative performance. Health care holdings Forest Laboratories, Actavis, and Gilead Sciences also performed well.

Sector allocation contributed to relative performance during the period. An underweight to the lagging energy sector and overweight to the strong performing health care sector were large contributors to relative performance. Partially offsetting these positive results was an underweight to utilities, the index’s strongest performing sector. A small cash position in a rising market also detracted from relative performance.

The Portfolio ended the year most overweight the health care, information technology and consumer staples sectors. Financials, industrials, and energy were the largest underweights at the end of the period.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

110

Equity Portfolios — (continued)

Wellington Management Company LLP

Growth Portfolio — Class 1

Growth Portfolio
Average Annual Total Returns as of 12/31/14
	Class 1*		Class 2*		Class 3*
1-year		7.48%		7.28%		7.18%
5-year		12.11%		11.94%		11.84%
10-year		6.92%		6.76%		6.66%
Since Inception		10.45%		5.71%		9.10%

* Inception date for Class 1: 09/05/84; Class 2: 07/09/01; Class 3: 09/30/02

The Russell 3000^® Index is an unmanaged, weighted index of the 3,000 largest publicly traded companies by market capitalization in the United States and is broadly representative of the universe of potential securities in which the Portfolio may invest.

Note:     The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The Growth Portfolio — Class 1 shares posted a return of 7.44% for the 12-month period ending December 31, 2014, compared to a 12.56% return for the Russell 3000 Index.

Nine of the ten sectors within the Russell 3000 Index posted positive returns for the year. Utilities [+27.0%], health care [+25.2%], and information technology [+17.9%] were the strongest performing sectors, while energy [-10.1%], telecommunication services [+2.3%], and materials [+5.7%] lagged.

The Portfolio transitioned on June 9, 2014 from Wellington Management’s Opportunistic Core approach to Wellington Management’s US Diversified Equities approach.

From January 1, 2014 through June 8, 2014, the Portfolio modestly underperformed its benchmark, the Russell 3000 Index. Underperformance was primarily a result of sector allocation, driven by an overweight allocation to consumer discretionary and underweight allocation to utilities. A frictional cash position in a rising market also detracted from relative performance. Security selection modestly detracted from relative performance during the period. Strong selection in consumer staples and information technology was more than offset by weaker selection in consumer discretionary, financials, industrials, and materials.

Subsequent to the transition, from June 9, 2014 to December 31, 2014, the Portfolio underperformed its benchmark, the Russell 3000 Index. Stock selection was the primary driver of underperformance for the period. Stock selection in energy, information technology, financials and consumer discretionary detracted the most from relative performance. Selection and an overweight position in health care contributed positively to relative performance. Overall, sector allocation modestly detracted from relative performance during the period, driven primarily by an overweight to the poor performing energy sector. Top detractors during the period included Web.com (information technology), BG Group (energy), and Conn’s (consumer

111

Equity Portfolios — (continued)

Wellington Management Company LLP

Growth Portfolio — Class 1

discretionary). Bristol-Myers Squibb (health care), Monster Beverage (consumer staples), and Exxon Mobil (energy) were the top contributors to relative performance during the period.

The Portfolio ended the year most overweight the health care, consumer discretionary, and information technology sectors. Consumer staples, utilities, and industrials were the Portfolios largest underweights.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

112

Equity Portfolios — (continued)

Wellington Management Company LLP

Capital Appreciation Portfolio — Class 1

Capital Appreciation Portfolio
Average Annual Total Returns as of 12/31/14
	Class 1*		Class 2*		Class 3*
1-year		15.26%		15.08%		14.96%
5-year		17.22%		17.04%		16.92%
10-year		11.11%		10.94%		10.83%
Since Inception		12.62%		8.59%		12.50%

* Inception date for Class 1: 03/23/87; Class 2: 07/09/01; Class 3: 09/30/02

The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth or the Russell 2000^® Growth Indices.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The Capital Appreciation Portfolio — Class 1 shares posted a return of 15.26% for the 12-month period ending December 31, 2014, compared to a 12.44% return for the Russell 3000 Growth Index.

Nine of the ten sectors within the Russell 3000 Growth Index posted positive returns during the year, led by health care [+27.7%] and utilities [+23.0%]. Energy [-10.6%], telecommunication services [+3.3%], and consumer discretionary [+7.6%] lagged the index average.

Relative outperformance was primarily driven by stock selection. Selection was strongest within the information technology, consumer discretionary, and consumer staples sectors.

Within information technology, positions in NXP Semiconductors and Uber Technologies aided relative results. Within consumer discretionary, positions in Mobileye NV, Lowe’s, and TripAdvisor boosted returns. Mobileye and Uber were purchased in the Portfolio as private placement transactions. In consumer staples, Keurig Green Mountain and WhiteWave Foods were additive.

Stock selection within the industrials and financials sectors detracted most from relative results. Within industrials, positions in Clean Harbors and DigitalGlobe detracted. In financials, positions in Artisan Partners and Julius Baer Group hurt relative results. Other notable detractors during the period included Lululemon Athletica and Zulily (consumer discretionary holdings), as well as Whole Foods Market (consumer staples).

Sector positioning, a residual of the bottom-up stock selection process, contributed positively to relative performance. This was driven largely by an underweight to the weakest performing sector in the index, energy, and an overweight to the strongest performing sector in the index, health care. Partially offsetting these results was an overweight to the consumer discretionary sector and a frictional cash position in a strong equity market.

113

Equity Portfolios — (continued)

Wellington Management Company LLP

Capital Appreciation Portfolio — Class 1

The Portfolio ended the fiscal year overweight the information technology, consumer discretionary, and health care sectors and underweight the consumer staples, financials, and telecommunication services sectors.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

114

Equity Portfolios — (continued)

Wellington Management Company LLP

Natural Resources Portfolio — Class 1

Natural Resources Portfolio
Average Annual Total Returns as of 12/31/14
	Class 1*		Class 2*		Class 3*
1-year		(18.53)%		(18.68)%		(18.74)%
5-year		(3.73)%		(3.87)%		(3.97)%
10-year		5.32%		5.16%		5.06%
Since Inception		8.68%		9.06%		10.38%

* Inception date for Class 1: 01/04/88; Class 2: 07/09/01; Class 3: 09/30/02

The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

The MSCI ACWI Energy Index includes large and mid-cap securities across 23 Developed Markets (“DM”) countries and 21 Emerging Markets (“EM”) countries. All securities in the index are classified in the Energy sector as per the Global Industry Classification Standard (“GICS^®”).

The MSCI ACWI Metals and Mining Index is composed of large and mid-cap stocks across 23 Developed Markets countries and 21 Emerging Markets countries. All securities in the index are classified in the Metals & Mining industry (within the Materials sector) according to GICS^®.

The MSCI World Metals & Mining Index consists of companies conducting business in the following industries: aluminum, diversified metals and mining, gold, precious metals and minerals, and steel.

MSCI World Oil & Gas Index is comprised of integrated oil companies engaged in the exploration, production, refinement, transportation, distribution, and marketing of oil and gas products.

The MSCI World Energy, Equipment & Services Index is comprised of manufacturers of oil rigs and drilling equipment, and providers of drilling services and manufacturers of equipment for and providers of services to the oil and gas industry, including seismic data collection services.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The Natural Resources Portfolio — Class 1 shares posted a return of -18.53% for the 12-month period ending December 31, 2014, compared to a 13.69% return for the S&P 500 Index.

Nine of the ten sectors within the S&P 500 Index posted positive returns led by the utilities [+29.0%], health care [+25.4%], and information technology [+20.1%] sectors. The energy [-7.9%] and telecommunication services [+3.1%] sectors lagged the broader index.

Effective May 1, 2014, the Portfolio changed its secondary benchmarks from the MSCI World/Metals & Mining Index, the MSCI World/Oil & Gas Index and the MSCI World/Energy Equipment & Services Index to the MSCI AWCI Energy Index and the MSCI ACWI/Metals and Mining Index. The new benchmarks are a better representation of the Portfolio’s entire investable universe than the currently listed, specific, sub-industry benchmarks, because (i) these two major sectors (energy and metals) are more consistent with the industries that comprise the current investment in natural resources and (ii) the AWCI better represents the investable universe, which includes companies domiciled in emerging markets.

115

Equity Portfolios — (continued)

Wellington Management Company LLP

Natural Resources Portfolio — Class 1

The relative underperformance to the S&P 500 Index was primarily due to the Portfolio’s principal investment sectors. The Portfolio is overweight energy and metals & minerals compared to the S&P 500 Index, and these allocations detracted from relative performance as these two industries did not keep up with the strong overall S&P 500 Index return.

Top absolute detractors from returns during the year included positions in producer BG Group, steel company Fortescue Metals, as well as a position in diversified metals and mining company Vedanta Resources. Positions in diversified metals and mining company Western Areas, U.S. oil producer EOG Resources, and transportation and distribution company Enbridge contributed most on an absolute basis. The Portfolio’s position in Western Areas was eliminated prior to the end of the period following strong performance.

The Portfolio’s composition at year-end was comprised of mainly energy-related stocks (61.5% of total) with the majority of the holdings in the producers and integrated oils sub-sectors. Exxon Mobil, Royal Dutch Shell, and BG Group were the largest holdings in these sub-sectors as of the end of the period. Most of the balance of the Portfolio consisted of metals & minerals companies (24.3% of total) where the largest positions were Rio Tinto and BHP Billiton. The Portfolio also had an allocation to chemicals (6.6% of total).

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

116

Balanced Portfolios

Wellington Management Company LLP

Multi-Asset Portfolio — Class 1

Multi-Asset Portfolio
Average Annual Total Returns as of 12/31/14
	Class 1*		Class 3*
1-year		9.68%		9.47%
5-year		8.77%		N/A
10-year		5.44%		N/A
Since Inception		7.56%		11.25	%

* Inception date for Class 1: 03/23/87; Class 3: 10/08/12

The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

The Barclays U.S. Aggregate Bond Index combines several Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate bonds, mortgage pass-through securities, and asset-backed securities.

The Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

The Blended Index consists of 60% S&P 500^® Index, 35% Barclays U.S. Aggregate Bond Index, and 5% Citigroup 3-month T-bill. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests pursuant to its stated investment strategies than any of the individual benchmark indices, in that it includes both equity and fixed income components. The weightings of the components of the Blended Index are intended to approximate the allocation of the Portfolio’s assets, but at any given time, may not be indicative of the actual allocation of the Portfolio’s assets among market sectors or types of investments.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The Multi-Asset Portfolio — Class 1 shares posted a return of 9.68% for the 12-month period ending December 31, 2014, compared to a 13.69% return for the S&P 500 Index, a 5.97% return for the Barclays U.S. Aggregate Bond Index, and a 10.30% return for its blended benchmark, comprised of 60% S&P 500 Index, 35% Barclays U.S. Aggregate Bond Index, and 5% Citigroup 3-Month T-Bill.

For the year, the S&P 500 Index returned 13.69%, as nine of ten sectors within the index posted positive returns. Utilities [+29.0%], health care [+25.4%], and information technology [+20.1%] posted the strongest returns, while energy [-7.9%] and telecommunication services [+3.1%] were the weakest performing sectors.

Within the equity portion of the Portfolio, security selection in consumer staples and consumer discretionary were the largest contributors to relative performance. Within consumer staples, positions in Monster Beverage, Keurig Green Mountain, and CVS Health were the top contributors to relative performance. Top contributors to relative performance in the consumer discretionary sector included Lowe’s, Time Warner, and Amazon.com. Top detractors from relative performance included Halliburton (energy), Priceline (consumer discretionary) and United Technologies (industrials).

117

Balanced Portfolios — (continued)

Wellington Management Company LLP

Multi-Asset Portfolio — Class 1

Within the fixed income portion of the Portfolio, security selection in mortgage-backed securities was the largest contributor to relative performance, while underweight positioning and security selection within investment grade credit, particularly industrials, also contributed. Duration and yield curve positioning detracted from relative performance.

At the end of the period, the Portfolio was positioned with a slight underweight to equities and overweight to fixed income and cash relative to its blended benchmark.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

118

Balanced Portfolios — (continued)

Wellington Management Company LLP

Strategic Multi-Asset Portfolio — Class 1

Strategic Multi-Asset Portfolio Average Annual Total Returns as of 12/31/14
	Class 1*
1-year		5.04%
5-year		9.46%
10-year		6.95%
Since Inception		8.12%

* Inception date for Class 1: 03/23/87

The MSCI ACWI USD Index is a free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets and in 49 global and developed markets. MSCI uses an arbitrary sampling of stocks and aims to capture 85% of the total market capitalization at both the country and industry levels.

The Citigroup World Government Bond Index (U.S. $ hedged, equal-weighted ex-Switzerland) is an equal weighted, total return benchmark designed to cover 20+ investment grade country bond markets. The eleven countries of the European Monetary Union count as one geographic region and, in aggregate, they receive one share of this equal-weighted index.

The Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

The Blended Index consists of 65% MSCI ACWI USD Index, 30% Citigroup World Government Bond Index (U.S. $ hedged, equal-weighted ex-Switzerland), and 5% Citigroup 3-month T-Bill. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests than any of the individual benchmark indices, in that it includes both equity and fixed income components. The weightings of the components of the Blended Index are intended to approximate the allocation of the Portfolio’s assets, but at any given time, may not be indicative of the actual allocation of the Portfolio’s assets among market sectors or types of investments.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The Strategic Multi-Asset Portfolio — Class 1 shares posted a return of 5.04% for the 12-month period ending December 31, 2014, compared to a 4.16% return for the MSCI ACWI USD Index, a 8.16% return for the Citigroup World Government Bond Index (US dollar hedged, ex-Switzerland) , and a 5.21% return for the blended benchmark. The blended benchmark is comprised of 65% MSCI ACWI USD Index, 30% Citigroup World Government Bond Index (US dollar hedged, ex-Switzerland), and 5% Citigroup 3-month T-Bill Index.

Global equity markets returned 4.16% for the year, as measured by the MSCI ACWI USD Index. Emerging markets [-2.2%] underperformed their developed market counterparts [+4.9%] for the year as measured by the MSCI Emerging Markets and MSCI World Indexes (in USD), respectively. The United States led the way from a regional perspective, returning [+13.7%] for the year, as measured by the S&P 500 Index. Other regions lagged, with the MSCI Pacific ex Japan Index declining [-0.5%], the MSCI Japan Index declining [-4.0%], and the MSCI Europe Index declining [-6.2%]. Within the global fixed income markets, unhedged global bonds [-0.48%] underperformed hedged global bonds [+8.35%] as measured by the Citigroup World Government Bond Indexes.

The impact of asset allocation decisions was positive for the year, primarily due to an overweight to equities and having only a modest exposure to cash.

119

Balanced Portfolios — (continued)

Wellington Management Company LLP

Strategic Multi-Asset Portfolio — Class 1

The global equity portion of the Portfolio outperformed the MSCI ACWI USD Index during the year aided by strong stock selection in the health care, consumer discretionary, and materials sectors. These results more than offset weaker selection within financials. Allocation among sectors, a residual of the bottom up stock selection process, also contributed to the Portfolio’s relative outperformance. From a regional perspective, stock selection within North America and Europe ex UK contributed to relative results. An overweight to and selection within Japan, on the other hand, weighed on relative performance.

Within the global bond portion of the Portfolio, duration positioning was the primary detractor to performance and, to a lesser extent, country decisions. Active currency positioning was flat to performance over the year.

At the end of the year, the Portfolio was positioned with an overweight exposure to equities, a modest underweight to fixed income and was underweight cash.

During the period, the Portfolio held equity index and bond futures as well as currency forwards. When viewed in isolation, currency forwards and equity index futures contributed positively to the Portfolio’s absolute performance, while bond futures detracted.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

120

ANCHOR SERIES TRUST

VOTING PROXIES ON TRUST PORTFOLIO SECURITIES

A description of the policies and procedures that the Trust uses to determine how to vote proxies related to securities held in the Trust’s Portfolios which is available in the Trust’s Statement of Additional Information, may be obtained without charge upon request, by calling (800) 445-SUN2. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON TRUST PORTFOLIO SECURITIES

Information regarding how Anchor Series Trust Portfolios voted proxies related to securities held in Anchor Series Trust Portfolios during the most recent twelve month period ended June 30 is available once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling (800) 445-SUN2 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS

The Trust is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. The Trust’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov. You can also review and obtain copies of the Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

This report is submitted solely for the general information of shareholders of the Trust. Distribution of this report to persons other than shareholders of the Trust is authorized only in connection with a currently effective prospectus, setting forth details of the Trust, which must precede or accompany this report.

Additional information concerning the Trustees and Officers is contained in the Statement of Additional Information and is available without charge by calling (800) 445-SUN2.

121

Annuity Service Center P.O. Box 15570 Amarillo, TX 79105-5570   CHANGE SERVICE REQUESTED

THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE PURCHASERS UNLESS ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.

G1112AR.11 (2/15)

Item 2. Code of Ethics

Anchor Series Trust (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. During the fiscal year ended 2014, there were no reportable amendments, waivers or implicit waivers to a provision of the Code of Ethics that applies to the registrant’s Principal Executive and Principal Accounting Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that William J. Shea, the Chairman of the registrant’s Audit Committee, qualifies as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Mr. Shea is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)—(d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountants were as follows:

	2013		2014
(a) Audit Fees	$	265,325	$	275,941
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	54,840	$	50,304
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2013		2014
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	147,383	$	374,208

(e) (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant’s audit committee charter.

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2013 and 2014 were $348,205 and $610,316, respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a - 101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principle Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406. Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Anchor Series Trust
By:	/s/ John T. Genoy
	John T. Genoy President

Date: March 10, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy President

Date: March 10, 2015

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston Treasurer

Date: March 10, 2015